6th Nov 2018 09:44
LONDON (Alliance News) - Nordic mineral exploration company Beowulf Mining PLC said on Tuesday it has acquired a 14% stake in Balkans-focused exploration company Vardar Minerals Ltd for GBP250,000 in cash.
The investment into Vardar is expected to give Beowulf exposure to exploration licences positioned in the European Tertiary calc-alkaline Tethys Arc, notable for its lead-zinc-silver mining districts, and well as copper and gold discoveries.
Vardar itself curently owns four exploration licences in Kosovo, two more under an agreement where Vardar will own 85% of the licences. The combined coverage comes up to 333.2 square kilometres.
Proceeds from the investment will be used by Vardar to fund its exploration programme and working capital requirements. In addition, Beowulf also has the option to make a further investment and increase its ownership in Vardar.
"We are very pleased to make this investment in Vardar and we are excited about the opportunities that this could bring to Beowulf. Stepping into a new geography, like Kosovo, only makes sense if you are collaborating with a competent team, which we have in Vardar's founders, Luke Bryan and Adam Wooldridge, with experienced technical and support personnel in Kosovo," said Chief Executive Officer Kurt Budge.
Shares in Beowulf Mining were up 6.8% at 5.18 pence on Tuesday.
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