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Savannah Resources Plc Announces Completion Of The Acquisition Of 80% Of Matilda Minerals Limitada

Tuesday, 8 Oct 2013 02:00am EDT 

Savannah Resources Plc announced that it has completed the acquisition of an 80% shareholding in Matilda Minerals Limitada (Matilda'. Matilda holds the prospective 180km2 Jangamo tenement (Jangamo or the Project) which is located in a world class mineral sands province in Southern Mozambique. The acquisition agreement was structured in a way that provided for a modest initial cash payment of up to AUD125,000 (GBP72k) and a modest initial issue of ordinary shares in the Company of AUD400,000 (GBP231k) equivalent of shares (10,643,107) at a price of GBP0.021888 per share upon the transfer of 80% of Matilda shares to Savannah. 

Company Quote

-0.1 -4.12%
11:14am EDT