UK-based Papua Mining has reached a conditional acquisition agreement to acquire the entire issued share capital of Australian company BGM Investments for £640,000 ($860,000).
As part of the agreement, Papua Mining will issue 52 million shares at a price of £0.0115 ($0.015) each, along with £50,000 ($60,000) in cash.
Papua Mining is engaged in the exploration of gold and copper resources, while BGM is engaged in gold, copper, silver and zinc exploration projects.
Papua Mining has engaged Cenkos Securities as its nominated adviser and broker for the transaction.
Based in Australia, South32 previously acquired 45 million common shares of Arizona Mining, representing 15% stake in May 2017.