PERTH (miningweekly.com) – ASX-listed junior S2 Resources will acquire a 19.99% shareholding in fellow-listed Todd River Resources, priced at 9c a share.
S2 Resources said on Tuesday that the company would have the right to appoint a nominee to the Todd River board, and would also have the option to participate in future share issues in Todd River, to maintain its percentage holding in the company.
Todd River is a Northern Territory-focused explorer that owns a number of precious and base metals tenements, including the Mt Hardy zinc/copper/lead/silver project.
S2 told shareholders that the Todd River investment would be funded from the proceeds of the sale of S2’s stake in TSX-V-listed GT Gold, which realised an overall pre-tax profit of A$3.39-million.