M&As this week: Braidy Industries Inc, Huan Hsin Holdings Ltd, Volcanic Gold Mines Inc

9 March 2018 (Last Updated March 8th, 2018 10:41)

US-based aluminium rolls manufacturer Braidy Industries Inc has acquired 100% stake in the Veloxint Corporation.

US-based aluminium rolls manufacturer Braidy Industries Inc has acquired 100% stake in the Veloxint Corporation.

Veloxint Corporation is a US-based manufacturer of metal alloys.

Braidy Industries has concurrently raised $75m through a public offering of series B common shares, priced at $10 a share.

Braidy Industries expects the acquisition will help the company to offer next-generation metal products to its customers.

"Huan Hsin Holdings Ltd has reached an agreement to acquire China-based vanadium mine operator Huangshan Zhong Tian Weiliang Mining Co Ltd."

Investment holding company Huan Hsin Holdings Ltd has reached an agreement to acquire China-based vanadium mine operator Huangshan Zhong Tian Weiliang Mining Co Ltd.

The purchase consideration for the transaction includes S$60m ($45.43m) in cash, in addition to allotment and issuance of shares worth a combined S$1bn ($757m).

The shares will be issued at a price of S$0.033 ($0.025) each and will represent 87.02% of the company’s enlarged share capital in aggregate.

Volcanic Gold Mines Inc is set to acquire up to 100% interest in Ivory Coast-based company JOFEMA Mineral Resources SARL.

A binding memorandum of understanding (MoU) has been signed between the two companies in relation to the sale.

JOFEMA currently owns 100% interest in La Debo and Soubre, which together cover approximately 600km² of a West African gold province.

Volcanic Gold Mines intends to leverage to acquisition to consolidate its business in the mining jurisdiction and advance its Guinean assets.