Australian iron ore company Equator Resources Limited is set to acquire an 80% interest in Ophiolite Consultants Pty, with the option to buy the remaining stake in future.
A binding term sheet agreement has been signed between the two companies for the deal.
Ophiolite Consultants or its nominees will be issued 75 million ordinary shares and 25 million performance shares of Equator Resources Limited or its nominees, while another 25 million performance shares will be issued as facilitation fee to those that assisted in the acquisition.
Equator will also lend up to A$500,000 ($370,000) to the Ophiolite Consultants to fund exploration activities on assets until settlement of the acquisition.
Canadian mining company Belvedere Resources has sold the entire stake in its subsidiary BR Gold Mining Oy for six million common shares of an undisclosed private arm’s length company.
Based in Finland, the target company holds properties of Belvedere.
Canada-based Bearing Resources has signed a letter of intent to acquire Chilean lithium and potassium mining company Li3 Energy or its assets.
The consideration for the acquisition includes issuing 16 million common shares, priced at $0.32 each of Bearing Resources. This is in addition to assumption of the target company’s debts and liabilities up to $1.7m.
Bearing Resources is involved in precious and base metals exploration.