PERTH (miningweekly.com) – Junior metals developer Rift Valley Resources has moved to acquire unlisted Mtemi Resources Group of Companies following a A$4-million capital raising in February.
Under the terms of the acquisition, Rift Valley would acquire Mtemi for 32-million of its own shares, as well as 42.85-million options exercisable at 6c each, and with a term of three years.
Mtemi is a private group of companies with a portfolio of gold, copper and uranium exploration tenements in Tanzania. The group also owns a number of assets, including a drill rig, trucks and other equipment, which could be beneficial to Rift Valley’s existing operations in Tanzania.
“We are delighted to complete the acquisition with Mtemi and its shareholders as they will be a valuable group for Rift as we continue to build an Africa-focused resource company,” said Rift Valley MD Geoff Gilmour.
“The in-country contacts in particular will assist Rift to not only develop our existing assets at Kitongo and Miyabi, but also provide input into other opportunities in Tanzania.”
Funds raised by the recent capital raise would allow Rift Valley to systematically explore and develop its Tanzanian and Angolan assets.