IronRidge Resources Ltd (LON:IRR) has confirmed the completion of its acquisition of the Vavoua Projects, giving the company a highly prospective gold exploration portfolio in Cote d'Ivoire.
The acquired assets - 100% of the share capital of Marlin Minerals, Booster Minerals and CAPRI Metals - are located in the vicinity of the Abujar project which hosts 1.73mln ounces.
It issued 2.11mln shares, at a premium price of 22p, to acquire the assets and the vendors agreed to escrow their Ironridge stock for twelve months.
"We are delighted to have completed these significant acquisitions ahead of schedule and at a significant premium to the market,” said Vincent Mascolo, Ironridge chief executive.
"The Vavoua portfolio, which is in line with the company's vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geophysical targets and gold targets along strike from the 1.73Moz JORC compliant Abujar resource in the Cote d'Ivoire."
Mascolo added: "The acquisitions are part of our strategic plan in the region providing valuable synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of the next generation of world-class mining projects.”
In afternoon trading, IronRidge shares were 5.1% higher at 15.50p.
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