Deals this week: Tyranna Resources, Gascoyne Resources, Auxilium

24 August 2018 (Last Updated June 18th, 2020 09:50)

Tyranna Resources has signed an agreement with US Cobalt to acquire the Goodsprings cobalt and base metals project in Nevada, US.

Tyranna Resources has signed an agreement with US Cobalt to acquire the Goodsprings cobalt and base metals project in Nevada, US.

The transaction is a continuation to the option agreement entered by Tyranna in March to acquire the project.

Tyranna has made a $100,000 payment as part of the exclusive option agreement and has agreed to issue 141.17 million ordinary shares priced at $0.017 a share.

The company has also agreed to issue ten and 20 million options, respectively, to its strategic and technical advisers Greg Smith and US Cobalt director Paul Lloyd.

The acquisition is part of Tyranna’s diversification strategy and expected to enhance the company’s value as a diversified resources exploration and development company.

“Orefinders has agreed to issue eight million common shares to Kerr Mines (formerly Armistice Resources) as purchase consideration.”

Based in Australia, Tyranna Resources is engaged in mineral exploration.

Gascoyne Resources has raised A$19m ($13.89m) through the private placement of 50 million shares priced at $0.30 a share.

Both existing and new investors participated in the private placement.

Hong Kong-based fund manager LIM Advisors has subscribed to shares worth A$10m ($7.3m) issued in the placement.

Gascoyne Resources intends to use the proceeds raised for financing the Dalgaranga gold operation in Western Australia. The company also proposes to undertake a share purchase plan (SPP) to raise up to a further A$5m ($3.65m).

Based in Australia, Gascoyne Resources is engaged in mineral exploration and development.

Auxilium has entered a partnership with Inmarsat to provide smart solutions such as industrial internet of things (IIoT) and communications services to mining firms.

The company will deploy Inmarsat’s satellite connectivity in its IIoT solutions offered to mining companies, as part of the agreement.

The addition of IIoT and communications services eliminates the need for investment in building a terrestrial communications infrastructure to connect their mining operations.

Based in Australia, Auxilium is engaged in providing mining technology solutions, while Inmarsat is a mobile satellite communications provider based in the UK.

Orefinders Resources has acquired Kerr Mines’ McGarry mine and Larder-Lake project located in Virginia town, Ontario, Canada.

Orefinders has agreed to issue eight million common shares to Kerr Mines (formerly Armistice Resources) as purchase consideration.

Based in Canada, Orefinders Resources is focused on developing gold assets in Canada’s Abitibi District, while Kerr Mines, also based in Canada, is engaged in gold development and exploration.