Tectonic Gold to buy Godolphin, plans to rename as Tamar Minerals

(Alliance News) - Tectonic Gold PLC on Friday said it has agreed to acquire Godolphin Exploration Ltd in a GBP3.7 million all-share deal that will see the metals exploration company shift its focus to tin and copper assets in southwest England and change its name to Tamar Minerals PLC.

The mineral explorer in Australia and South Africa acquisition will be paid through the issue of 1.83 billion new shares, giving Godolphin shareholders 63% of the enlarged share capital. The move is subject to shareholder approval at the annual general meeting on May 12.

Godolphin's key assets include the Devon Great Consols and Great Wheal Vor projects, historically significant copper and tin mines. Godolphin plans to resume exploration, leveraging a proprietary 3D geological model of 338 historic mines in Devon and Cornwall.

Tectonic will also undertake a 20:1 share consolidation and change its ticker to TMR, if approved.

Mark Thompson, Godolphin's chief executive officer, will become chief executive of the combined group. Brett Boynton, previously Tectonic's CEO, will serve as non-executive chair. Director Jonathan Robbeson will step down following completion.

Tectonic said the deal strengthens its strategy of consolidating high-potential mineral assets in the UK. It will continue advancing its Specimen Hill joint venture in Australia but focus near-term efforts on drilling and exploration in Cornwall and Devon.

The AGM will also vote on a name change to Tamar Minerals PLC to reflect the new UK-centric strategy.

Shares in Tectonic Gold unchanged at 0.20 pence each in the Aquis Stock Exchange on Friday afternoon.

By Eva Castanedo, Alliance News reporter

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