ARMZ Uranium Holding has signed an acquisition agreement with Mantra Resources to acquire 100% of issued shares of Mantra Resources for A$1.2bn (US$1.2bn).

The company will pay A$8 (US$7.94) for each common share of Mantra.

Mantra’s largest shareholder, Highland Park and its related entities, hold approximately 12.4% of Mantra’s outstanding shares and have indicated to the board of Mantra’s intention to vote in favour of the transaction.

Mantra’s core asset is the Mkuju River project in Tanzania, where a feasibility study is nearing completion.