Alecto Minerals buys Matala and Dunrobin Gold Mines in Zambia
The 25 year renewable mining licence is covering 32km2, associated environmental permit and advanced resources.
Alecto has acquired the project for an aggregate consideration of £1.54 million, to be satisfied through the issue of 943,750,000 new ordinary shares of 0.01p each in Alecto, £100,000 in cash and £307,500 as deferred consideration from C3W Limited and CNG Trust.
Mark Jones, CEO of Alecto, commented: "In acquiring this Project in the stable Southern African democracy of Zambia at low cost we have, once again, taken advantage of market conditions to de-risk our portfolio and deliver significant potential upside for all stakeholders going forward." ■