Tectonic Gold to acquire Godolphin Exploration in GBP3.6 million deal

(Alliance News) - Tectonic Gold PLC on Monday said it has agreed to buy Godolphin Exploration Ltd in an all-share deal, expanding its focus on tin and copper exploration in Devon and Cornwall, England.

The mineral explorer in Australia and South Africa said the acquisition will result in Godolphin shareholders owning around 63% of the enlarged company, which will be renamed Tamar Minerals PLC upon completion.

The all-share deal, worth GBP3.6 million, is expected to be finalised in a "relatively short timescale" with due diligence and documentation in the final stages.

Godolphin, founded in 2021, specialises in tin and copper exploration in South West England.

The company has built a detailed geological database of historic mine data and secured exclusive option agreements over two assets: Devon Great Consols, which has identified high-grade copper and tin deposits, and Great Wheal Vor, historically Cornwall's second-richest tin mine. Exploration drilling is planned for both sites.

Tectonic Managing Director Brett Boynton said: "We are delighted to be progressing the acquisition of Godolphin. Having reviewed to vast amount of data and intelligence gathered by the company in Devon and Cornwall, we see huge potential for shareholder upside.

"We look forward to welcoming the 32 Godolphin shareholders onto the Tectonic shareholder register, many of whom have considerable experience in investing in and supporting mining companies."

Shares in Tectonic Gold closed flat at 0.15 pence each on Monday in London.

By Eva Castanedo, Alliance News reporter

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