LONDON (Alliance News) - Aureus Mining Inc Monday said it has amended the deal struck in early November to acquire three exploration licences in Liberia, which will see Aureus issue almost three times as many shares as originally agreed.
On November 3, Aureus struck a deal to acquire three exploration licences from Sarama Resources Ltd in return for 2.6 million shares in Aureus, but the pair have now amended the deal as Aureus' share price has plummeted in the time since.
On November 2, the day prior to the deal being announced, Aureus shares closed at 17.125 pence and its shares closed down to 16.875p on the following day. Since then, however, Aureus shares have fallen by two thirds. On Monday, shares were trading down 1.8% to 5.53 pence per share.
Aureus has now agreed to issue Sarama with 6.6 million shares in the company, with all other terms remaining the same. The deal still needs approval from the Liberian government and the Toronto Stock Exchange.
The new exploration licences cover an area close to Aureus' existing New Liberty gold mine.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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