Canadian Platinum has signed a letter of intent (LOI) to acquire a privately-held company in an arms-length transaction.

The company will issue common shares to the shareholders of the seller company, as part of the acquisition.

The target company holds natural gas assets including ten shut-in wells in the Barnett Shale of the Fort Worth Basin in Texas, US. Canadian Platinum intends to re-work and re-fracture the shut-in wells with the goal of generating significant cash flows to expand and develop an asset base of both producing oil and gas and mineral properties.

Based in Canada, the acquirer company is a resource exploration and development company with a focus on acquisition and development of resource properties such as precious metals, base metals, platinum group elements and strategic metals.

Evolving Gold (EVG) has entered a non-binding (LOI) to acquire Bocana Resources.

EVG has agreed to consolidate more than 15 million issued and outstanding common shares on a 3:2 basis to have approximately 10.48 million outstanding common shares.

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By GlobalData
“The acquisition is expected to strengthen Master Drilling’s international footprint and expand its presence in India, Brazil, and Zambia.”

Bocana plans to raise up to $1.2m in a non-brokered private placement by issuing up to 12 million units priced at $0.10 a unit.  Each unit will comprise of one Bocana common share and one-half of one Bocana share purchase warrant, which can be exercised at $0.25 for a period of two years.

The proceeds raised from the placement will be used towards meeting the costs of the transaction with EVG and clearing certain debts, as well as all the pending negotiations with certain government bodies in South America.

Based in Canada, the acquirer company is focused on developing large-scale lithium systems, while the target company is a private company with mineral property interests in South America.

Master Drilling has entered an agreement to acquire Atlantis Group for a purchase consideration of R107.5m ($6.93m).

The acquirer is engaged in providing raise bore drilling services, while the target company is a multinational mining contracting company engaged in providing boring and drilling services. Both companies are based in South Africa.

The acquisition is expected to strengthen Master Drilling’s international footprint and expand its presence in India, Brazil, and Zambia.