Ram to acquire additional 70% stake in Fraser Range project
JOHANNESBURG (miningweekly.com) – ASX-listed Ram Resources has entered into an agreement with Regency Mines to acquire a further 70% interest in the Fraser Range project, in Western Australia.
The project comprises three exploration licences, covering 271 km2. The licences covered about 50 km of the Yilgarn craton margin and were considered prospective for gold and base metals mineralisation.
Ram already held a 10% interest in the project.
To acquire the additional 70% stake in the project, Ram would issue Regency shares representing 19.9% of Ram's issued capital, as well as 340-million Class A performance shares to be convertible to Ram shares upon the delineation of a Joint Ore Reserves Committee-compliant inferred resource of 300 000 oz gold equivalent and 340-million Class B performance shares to be convertible to Ram shares if a decision is made to mine on the tenements.
The finalisation of the agreement was subject to regulatory and shareholder approvals, as well as to Ram raising a minimum of A$1.5-million.
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