IN BRIEF: Metals One buys stake in Tanzania graphite project owner
Metals One PLC - metals exploration and development company - Stock rises after its acquisition of a strategic stake in Evolution Energy Minerals Ltd. Says it has acquired 37.9 million Evolution shares, an initial 10.45% holding, from Marvel Gold Ltd at 1.1 Australian cents each for AUD416,900 or around GBP202,000 in total. Will also underwrite up to AUD530,000 of Evolution's current AUD1.5 million rights issue at 1 cent per share. Says it will hold approximately 88 million shares in total, representing a stake of approximately 17.37%. Investment brings exposure to Evolution's "development-ready" Chilalo project in Tanzania, which has a post-definitive feasibility study net present value (at an 8% discount) of AUD518 million with binding offtake deals covering over 90% of production. Deal also adds graphite, "a mineral of growing strategic importance", to Metals One's portfolio. Read More