Strandline invests in Tanzania mineral sands
PERTH (miningweekly.com) – Mineral sands developer Strandline Resources has moved to acquire Tanzanian mineral sands explorer Jacana Minerals in the hopes of dominating the mineral sands sector in that country.
Jacana was spun-out of ASX-listed Syrah Resources in October of last year, which included its mineral sands assets North Tanga, South Tanga, Bagamoyo and Fungoni, as well as the Mbinga nickel project, the Nachingwea graphite prospect and a coal prospect at Shikula.
Under a heads of agreement signed between the two companies, Strandline would acquire Jacana’s subsidiary for A$1.5-million in cash and about 500.3-million shares in the company.
The acquisition would result in Jacana holding an interest of more than 20% in Strandline, but the Australian company noted that these shares would be distributed to Jacana shareholders, with no single individual holding more than 7.8% of the enlarged Strandline.
Once the transaction had been completed, Jacana would appoint two nonexecutive directors to the Strandline board.
“Strandline has secured an excellent opportunity to combine with the assets and team of Jacana to build a serious mineral sands player,” Strandline MD Richard Hill said on Thursday.
“The acquisition will see Strandline augment an already strong mineral sands portfolio and become better funded for our exciting future. This puts Strandline in a very envious position for future exploration success, and for any majors wanting entry into the last underexplored piece of the East African coastline.”
The enlarged Strandline would hold some 3 500 km2 of Tanzanian exploration acreage, as well as the construction ready Coburn heavy mineral sands project, in Western Australia.
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