Australian mineral explorer Copper Range has entered into an agreement to acquire unlisted company Icon Gold.

Copper Range has agreed to purchase ten million ordinary shares together with 20 million shares exercisable at A$0.015 each, within four years from issue.

The agreement gives Copper Range ownership of Brazil-based Brazphos, which has rights to acquire three high-grade phosphate projects and is assessing a number of advanced gold opportunities.

Copper plans to undertake a fully underwritten rights issue to recapitalise Icon on a two for one basis at an issue price of A$0.01 per share to raise about A$1,680,000 before costs of the offer.

The company has appointed two nominees of Icon to its board of directors.

By staff writer