Australia-based Meteoric Resources has announced its plans to acquire 100% of the issued capital of Cobalt Canada under three separate agreements for 60 million shares and A$30,000 ($20,000) in cash.
The company also intends to raise approximately A$1.38m ($1.03m) through a placement of up to 126 million shares, priced at A$0.011 ($0.008) a share, to strategic and sophisticated investors in order to fund the acquisition.
The issue will be completed in two tranches of 63.2 million shares and 62.8 million shares, subject to approval from shareholders.
Meteoric Resources holds a portfolio of exploration projects, while Cobalt Canada holds the rights to acquire three highly prospective cobalt exploration projects.
Ruffer is an investment company, while DRDGOLD is involved in gold mining.