28th Aug 2024 11:19
Metals Exploration PLC - Philippines-focused gold producer - Notes completion of acquisition of controlling interest in Philippines-based Yamang Mineral Corp. The purchase was announced in January. At the time, Metals Exploration said the acquisition of the 72.5% stake in YMC was for USD1.6 million in cash, plus options to subscribe for up to 41 million new shares in Metals Exploration. YMC holds the exploration tenement Abra, or EXPA-000129, a "highly prospective" exploration licence covering 16,200 hectares on Luzon, Philippines.
Metals Exploration also will own 100% of Yamang Mineral Corp Pte Ltd, a Singapore subsidiary that will be granted 100% of the rights to process any ore produced from mining operations within the Abra tenement area.
Chief Executive Darren Bowden says: "The completion of the YMC transaction is a particularly exciting milestone, as the company continues to position itself for future growth beyond Runruno. The acquisition of the YMC Group aligns seamlessly with Metals Exploration's strategic ambition to be a diversified gold producer, building on its strong foundations in the Philippines."
Current share price: 5.38 pence, up 0.5% in London on Wednesday
12-month change: more than double from 2.10p
By Sophie Rose, Alliance News senior reporter
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