PERTH (miningweekly.com) – ASX-listed Pharmanet Group has started its evolution into Calidus Resources with the acquisition of unlisted Keras Gold Australia, in exchange for 225-million shares and 525-million performance shares.
Keras Australia holds the Warrawoona gold project, in the Pilbara goldfields, which has a 410 000 oz inferred mineral resource, grading 2.2 g/t gold.
Pharmanet on Wednesday said the acquisition transformed the company into a new Australian gold developer with significant potential to unlock further resources and new discoveries within the emerging gold belt.
The two companies will now work together to secure the relevant approvals and to issue a prospectus to undertake a capital raising as a condition precedent to the transaction.
Pharmanet was hoping to conduct an interim capital raise to raise up to A$620 000 through a share placement, with the company also intending to raise up to A$7-million by way of a share offer, and a possible A$875 000 by way of an option offer.
Subject to the receipt of the relevant approvals and the completion of the transaction, Pharmanet will relist on the ASX by the second quarter of this year.