Hebei Zhongheng Tianda Platinum (HZT) has reached a definitive agreement to acquire Eastern Platinum’s subsidiary Barplats Mines for $50m.

The deal is expected to be closed within six months, with HZT then becoming operator of the Crocordile River Mine, located in South Africa.

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Paradigm Capital is acting as the financial advisor to Eastern Platinum.

Thor Explorations has entered an agreement to purchase 100% stake in Segilola Gold (SGL) from Ratel Group, a 100% subsidiary of RTG Mining (Ratel), in exchange for $3m in cash and shares.

"The project is estimated to hold indicated mineral resources of 555,000oz of gold grading 3.8g/t Au."

Thor has also agreed to wholly acquire Segilola Resources Operating Limited (SROL) from Tropical Mines (TML) and Delano Gold Mining Industries (Delano) in exchange for $1.60m.

The acquisition of SGL and SROL will give Thor the full ownership rights in the Segilola Gold project, touted to be the most advanced gold exploration project in Nigeria.

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Covering an area of approximately 2,700ha, the project is estimated to hold indicated mineral resources of 555,000oz of gold grading 3.8g/t Au.

Thor has also announced its intention to raise C$6m ($4.61m) through a private placement of common shares priced at C$0.115 ($0.088) each. Proceeds from the offering will be used to finance the acquisition of Segilola gold project and fund the project’s early works.