- Roscan Gold (TSXV:ROS) has signed a definitive agreement to purchase Komet Resources’ wholly owned subsidiary Komet Mali
- Komet Mali owns 100 per cent of the rights to the Dubia Sud Gold property, a 35-kilometre exploration permit in south western Mali
- Roscan will pay Komet a total of C$3.2 million in a fifty-fifty cash-share offer
- In related news, Roscan is also extending a drill program at one of its other Mali properties from 30,000 to 45,000 metres
- Roscan Gold (ROS) is down 3.7 per cent and is trading at 38 cents per share
Roscan Gold (TSXV:ROS) has signed a definitive agreement to purchase Komet Resources’ wholly owned subsidiary Komet Mali.
Komet Mali owns 100 per cent of the Dabia Sud Gold property, a 35-kilometre exploration permit in south western Mali.
Through the agreement, Roscan will pay Komet C$3.2 million, half in cash and half in offered shares.
Komet will acquire $1.6 million worth of Roscan shares, which based on today’s share price of 38 cents would amount to roughly 4.2 million shares. As Roscan already has over 200 million shares offered, this does not represent a significant dilution.
Komet has conducted surface exploration on the site, along with what Komet has described as artisanal diggings. The purchase is expected to close by the end of this month.
President and CEO of Roscan Gold, Nana Sangmuah said the company is now one step closer to the acquisition of this exciting project from Komet Mali.
“Our goal is to immediately commence exploration after the acquisition. Exploration focus at the Dabia Sud Gold property will be to evaluate the highly prospective regional targets at Komet Mali with our updated drill program,” he said.
Alongside the news, Roscan has outlined exploration plans for its own western Mali site, the Kandiole project.
The company plans on kicking off exploration in early July and is expanding the drill program by 15,000 metres. This brings the the company’s total 2020 exploration work to 45 kilometres of drilling.
Roscan Gold (ROS) is down 3.7 per cent and is trading at 38 cents per share at 12:00 pm EDT.