M&As this week: Hebei Zhongheng Tianda Platinum, Thor Explorations

30 June 2016 (Last Updated June 30th, 2016 18:30)

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

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.

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.

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.