(Sharecast News) - Africa-focussed minerals exploration company IronRidge Resources has completed the acquisition of all of the share capital of Capri Metals, giving it full ownership of a further, "highly prospective" gold exploration portfolio in Côte d'Ivoire.
The AIM-traded firm said the acquisition was in return for the issue of 572,656 depositary interests in IronRidge, at a price of 22p per share - a significant premium to its current share price.
It said the acquisition completed its 100% ownership of the "highly prospective" Vavoua portfolio.
Magnetics data confirmed strike extension over 40 kilometres of a major shear zone, which hosted the 2.15 million ounce JORC-compliant Abujar project within the central portion of the Vavoua portfolio.
The IronRidge team would advance the projects and future growth strategies, the board explained.
Former shareholders of Capri showed their further endorsement of IronRidge's strategy, the board claimed, by voluntarily escrowing their stock for 12 months.
The move would cement the company's commodity and jurisdiction diversity, the directors explained, bringing "streamlined" operations, with continuity and structure for future growth.
"We are delighted to have completed this acquisition allowing us to consolidate the Vavoua portfolio at a significant premium to IronRidge's current share price," siad chief executive officer Vincent Mascolo.
"The Vavoua portfolio, which is in line with the company's vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geophysical targets adjacent to and along strike from the 2.15 million ounxe JORC-compliant Abujar resource in Côte d'Ivoire."
Mascolo said the grant of the tenure and acquisition completed the firm's strategic plan in the area, providing synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of "the next generation" of mining projects.
"We are very pleased with the work programmes completed to date, and look forward to keeping shareholders and investors updated as more news becomes available."
At 1259 BST, shares in IronRidge Resources were up 6.55% at 10.12p.
30 Sep 2019 17:44
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