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Amara Mining Completes Share Purchase Agreement

Tue, 26th Nov 2013 13:42

LONDON (Alliance News) - Amara Mining PLC Tuesday said it has completed the share purchase agreement with Amlib Holdings PLC for the acquisition of the entire issued share capital of AUMJ Limited.

The Africa-based gold mining company, with operations in Burkina Faso, Ivory Coast and Sierra Leone said that under the agreement, Amara acquired USD10 million cash, Amlib's drilling assets and three exploration licences in Liberia with and overall aggregate value of the transaction of USD11.0 million.

The cash will be used in the ongoing progression of Baomahun in Sierra Leone and the exploration of its Yaoure site in Ivory Coast, where the acquisition is expected to significantly reduce the company's direct drilling expenditure after also acquiring Amlib Drilling Services Liberia, a subsidiary of Amlib in the deal.

Amara Mining shares were up 2.9% at 13.38 pence Tuesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcivor1