8th Feb 2016 10:08
LONDON (Alliance News) - Investment company Blenheim Natural Resources PLC said Monday it has bought a 27.1% stake in International Geoscience Services Ltd through the purchase of 2,700 shares at a total of GBP229,500.
ISG was spun out of the UK government's British Geological Survey in 2011, and is based in Keyworth, near Nottingham.
Blenheim's Chairman Chris Ells has been appointed to ISG's board, it said. Blenheim Non-Executive Director David Ovadia is the current chairman of ISG.
ISG will shortly launch a new mineral prospectivity software package, dubbed IGS Xplore, and Blenheim said it believes that the acquisition of a significant interest in this technology platform represents a valuable addition to its portfolio of companies operating in the natural resources sector.
"We believe that IGS has excellent growth prospects and links our company to the broader spectrum of geological services and geoscience information which is modernising the natural resources sector," said Ells in a statement.
"We anticipate strong synergies developing between IGS and Blenheim and believe that IGS's geo-data system, IGS Xplore, will be an important product aimed at all segments of the mining exploration and extractives sector and an important springboard towards broadening and developing Blenheim's portfolio of investee companies," Ells added.
Shares in Blenheim were down 1.3% at 1.92 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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