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IN BRIEF: Richland Resources To Become Lexington Gold As Takeover Done

Wed, 25th Nov 2020 13:38

Richland Resources Ltd - gold projects in US states of North Carolina and South Carolina - Set to be renamed Lexington Gold Ltd after completing reverse takeover of Global Asset Resources Ltd. New shares start trading on AIM after placing and subscription of 121.0 million shares at 2.75 pence to raise GBP3.3 million, plus 10 into 1 share consolidation. Says GAR's four gold projects are in Carolina Super Terrane, which has produced significant gold historically but has had limited modern exploration. Notes this was the site of the first US gold rush in the early 1800s, before gold was discovered in California. Adds Rhoderick Grivas to board as non-executive director. Grivas is a geologist who currently is non-executive chair of ASX-listed explorer Okapi Resources Ltd.

Current stock price: 3.08 pence

By Tom Waite; thomaslwaite@alliancenews.com

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IN BRIEF: Richland Resources To Become Lexington Gold As Takeover Done

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