M&As this week: Torq Resources, Emergent Resources, AK Altynalmas

11 May 2018 (Last Updated May 10th, 2018 12:49)

Torq Resources, formerly Stratton Resources, has agreed to fully acquire Rush Valley Exploration from three principal shareholders for a sum of $2.4m to be paid through a combination of cash and common stock.

Torq Resources, formerly Stratton Resources, has agreed to fully acquire Rush Valley Exploration from three principal shareholders for a sum of $2.4m to be paid through a combination of cash and common stock.

Canada-based Torq Resources is primarily engaged in the acquisition, exploration and development of mineral resource properties, while Rush Valley Exploration holds the West Mercur gold project in Utah, US.

Emergent Resources has signed an agreement to purchase a 100% interest in Prometheus Mining.

Prometheus is set to be renamed Fenix Resources Limited following the completion of the acquisition.

"AK Altynalmas has acquired Aktogai Mys from UK-based metals mining companies Polymetal International and Dolfinflip for a consideration of $33.5m."

Emergent Resources proposes to issue 25 million ordinary shares along with 112.5 million performance shares as consideration for the acquisition.

The company has also agreed to assume the entirety of Prometheus’s debt under convertible notes via the issuance of a further 30 million shares priced at A$0.02 ($0.01) a share.

In addition, Emergent Resources has announced plans to raise a total of A$2.5m ($1.88m) through an offering of shares and A$2m ($1.5m) via a private placement initiative.

Emergent Resources is an Australian mineral explorer focused on developing iron, base metals and precious metal properties, while Prometheus, also based in Australia, is engaged in mining and exploration operations.

AK Altynalmas has acquired Aktogai Mys from UK-based metals mining companies Polymetal International and Dolfinflip for a consideration of $33.5m.

AK Altynalmas specialises in gold exploration, while Aktogai Mys is a provider of gold mining and exploration services.

Both companies involved in the transaction are based in Kazakhstan.

Vietnamese crypto currency mining company Asama Farm has acquired a controlling interest in Santo Mining, a gold and copper mining company based in the US.

Anglo American has agreed to divest a 4% stake in Nautilus Minerals, a Canadian ocean-floor explorer and developer of copper and gold seafloor sulphide deposits.

UK-based Anglo American is engaged in exploring, mining, processing and smelting bulk commodities, base metals and minerals, as well as precious metals and minerals.