M&As this week: Corizon, MinRex Resources, Titan Minerals

30 March 2018 (Last Updated March 28th, 2018 14:27)

Corizon, formerly West Peak Iron, has signed a binding agreement with GWR Group to acquire RWG Minerals for A$0.25m ($0.19m) in cash and stock.

Corizon, formerly West Peak Iron, has signed a binding agreement with GWR Group to acquire RWG Minerals for A$0.25m ($0.19m) in cash and stock.

Corizon has also agreed to raise A$3.15m ($2.43m) in a rights offering and A$0.5m ($0.38m) in a private placement of shares priced at A$0.02 ($0.01) a share.

Corizon and GWR Group are primarily engaged in iron ore mining, while RWG Minerals is engaged in the exploration of gold, tungsten and lithium.

All companies involved in the transaction are based in Australia.

MinRex Resources, formerly MinRex Resources NL, has signed a binding heads of agreement to acquire Clean Power Resources for a consideration of A$2.14m ($1.64m).

Australia-based MinRex Resources is engaged in mineral exploration and development with a particular focus on gold, base metal and tin projects, while Clean Power Resources, also based in Australia, is focused on the exploration and development of cobalt, scandium, copper and nickel projects.

"MinRex Resources, formerly MinRex Resources NL, has signed a binding heads of agreement to acquire Clean Power Resources for a consideration of A$2.14m ($1.64m)."

MinRex Resources has agreed to pay A$0.1m ($0.07m) to Clean Power Resources as a non-refundable deposit and issue one million fully paid ordinary shares, equivalent to A$0.07m, as part of the arrangement.

In addition, the company will issue 29 million fully paid ordinary shares, equivalent to A$2.03m ($1.56m), along with an option to acquire a share for every two shares issued.

Titan Minerals has agreed to acquire a 100% stake in Andina Resources under a bid implementation agreement.

Andina shareholders are set to receive one fully paid ordinary share in Titan Minerals for every 1.18 shares currently held in Andina as part of the transaction.

Titan is a mineral exploration and development company that is primarily engaged in the development of gold and copper projects, while Andina is engaged in gold and base metals exploration.

Both companies involved in the transaction are based in Australia.

International Zeolite has signed an agreement to acquire a 55% stake in Ichaana Indo-Can Zeolite Private Limited for a sum of C$1.15m ($0.89m).

International Zeolite will issue three million common shares, priced at C$0.38 ($0.29) a share, to the shareholders of Ichaana under the agreement.

The agreement also entitles International Zeolite the exclusive right of first refusal for the acquisition of the remaining 45% stake.

International Zeolite is a Canada-based exploration-stage company, while Ichaana is based in India and primarily provides natural zeolite products to the agriculture and farming sectors.

Belgravia Capital International has acquired 5.2 million units in Blackrock Gold for a total of C$0.58m ($0.44m), representing a 14.82% stake in the company.

Belgravia is engaged in mineral exploration and mining, while Blackrock focuses on the exploration and development of copper, gold and silver.

Both companies involved in the transaction are based in Canada.