Deals this week: AsiaBaseMetals, Mega Precious Metals, Montan Mining

30 April 2015 (Last Updated April 30th, 2015 18:30)

AsiaBaseMetals has signed an agreement with Great Lakes Resources, where the former will buy an undivided 100% right, title and interest in the Jean Iron Ore project from Great Lakes.

mine deal

AsiaBaseMetals has signed an agreement with Great Lakes Resources, where the former will buy an undivided 100% right, title and interest in the Jean Iron Ore project from Great Lakes.

As consideration for the property, AsiaBaseMetals has agreed to issue 100,000 common shares to Great Lakes.

The iron ore exploration property is located in the Thunder Bay Mining District of north-western Ontario, Canada.

Mega Precious Metals has entered into a agreement with Yamana Gold, whereby the latter will acquire all of the outstanding shares of Mega Precious under a plan of arrangement.

Based on the company's issued current and outstanding shares, the total consideration to Mega Precious' shareholders is about C$17.5m.

Yamana will also buy the outstanding convertible debentures held by Pacific Road Capital Resources Funds.

Montan Mining has signed a binding letter of agreement with Peruvian company Goldsmith Resources for the acquisition of the producing Mollehuaca ore processing plant in Peru.

The company will also acquire mining rights for the nearby Eladium gold mine and the Saulito property.

Located in the region of Arequipa, the recently expanded Mollehuaca plant has a carbon-in-pulp (CIP) circuit, as well as a flotation circuit with a total capacity of 150t a day.

First Mining has proposed to acquire all outstanding common shares of Coastal Gold (COD) on the basis of 0.122 common shares in the capital of First Mining.

According to First Mining, the proposal constitutes a 'superior proposal' as defined in the arrangement agreement made on 1 March between COD and Sulliden Mining Capital.

The proposal, which was delivered on 26 April, is not subject to any financing or due diligence condition.

Galane Gold has signed agreements to acquire about 78% of the issued and outstanding ordinary shares of Galaxy Gold Mining with operations in the Mpumalanga Province of South Africa.

Following the acquisition, Galane Gold will make an offer to all other shareholders of Galaxy to acquire the remaining Galaxy Shares on economically equivalent terms.

The acquisition of the Galaxy shares pursuant to the share purchase agreements is subject to the waiver of various closing conditions on or before 30 June.


Image: Several deals were signed this week. Photo: courtesy of adamr/ FreeDigitalPhotos.net.