Deals this week: MGX Minerals, Kopore Metals, Winmar Resources

27 July 2018 (Last Updated July 26th, 2018 15:13)

MGX Minerals has signed an option agreement to acquire an 80% stake in the Salinitas lithium brine mining tenements from AIS Resources for C$3.2m ($2.5m).

MGX Minerals has signed an option agreement to acquire an 80% stake in the Salinitas lithium brine mining tenements from AIS Resources for C$3.2m ($2.5m).

The tenements are located in Salar de Salinas Grandes, Argentina, and cover a total area of 4,308ha.

MGX has agreed to pay a sum of $250,000 on or before 31 July as part of the option agreement.

The company has also agreed to incur a total minimum expenditure of $1.2m before 31 May 2020.

Canada-based MGX Minerals is a diversified mineral resource company with interests in advanced material and energy assets throughout North America, while AIS Resources is engaged in the exploration and development of lithium brine projects.

Kopore Metals has raised A$2.67m ($1.97m) via the private placement of 106.8 million shares priced A$0.025 ($0.018) a share.

“Copper North Mining has announced plans to raise up to $50,000 in a non-brokered private placement of one million units priced at $0.05 a unit.”

The company has engaged Nascent Capital Partners and Ironside Capital as joint lead managers for the transaction.

The Australian copper and gold explorer also plans to raise a further A$2.67m ($1.97m) via another private placement initiative.

Winmar Resources has signed a heads of agreement with the African Holding Investment Company (AHIC) to gain a 50% interest in the Luapula cobalt processing facility, which is located in the Haut-Katanga Province of the Democratic Republic of Congo (DRC).

The company also entered two further binding agreements for the acquisition of a portfolio of highly prospective cobalt exploration licenses, which will be developed to provide run-of-mine feed for the Luapula processing facility.

Winmar has also gained the sale and marketing rights to 100% of the future cobalt and copper concentrate production from the site as part of the agreement.

The company has agreed to pay $5.5m in cash as reimbursement for historic development expenditure under the deal.

In addition, the company will issue 100 million shares upon the execution of the joint venture (JV), 100 million shares following the start of concentrate sales and another 100 million shares after reaching the milestone of 1,000t of concentrate sales.

Australia-based Winmar Resources is engaged in iron ore exploration, while AHIC holds interests in a number of mining, construction and trading businesses across the DRC, Africa and the Middle East.

Copper North Mining has announced plans to raise up to $50,000 in a non-brokered private placement of one million units priced at $0.05 a unit.

Each unit will comprise one common share in the company and one warrant, which will entitle the holder to purchase an additional share in the company for $0.05 within five years of the closure date.

Copper North Mining is a Canadian mineral exploration and development company.

Ironside Resources plans to raise up to $500,000 through a non-brokered private placement of up to 6.25 million flow-through shares priced at $0.08 a share.

Canada-based Ironside Resources is a mineral exploration company that is primarily engaged in the acquisition, exploration and development of mining resource assets.

Niuminco Group has raised A$309,000 in an issuance of rights, which was subscribed to by the company’s shareholders.

A total of approximately 155 million ordinary shares were issued as part of the transaction.

Australia-based Niuminco Group is engaged in the exploration and evaluation of mineral properties.