28th Aug 2018 12:55
LONDON (Alliance News) - Keras Resources PLC said Tuesday Calidus Resources Ltd, of which it owns 35%, has agreed to sell gold rights over eight exploration licences.
The company will sell the rights to Pacton Gold Inc for CAD3.5 million, to be satisfied by the issue of 7 million shares in Pacton.
"We see this transaction as a strategic move by Calidus to limit expenditure and management resources on non-core interests whilst simultaneously retaining exposure to upside both through its interest in Pacton and also through future development of shear hosted/basement gold mineralisation directly by Calidus," Keras Chief Executive Russell Lamming said.
Keras shares were 1.3% higher at 0.39 pence each on Tuesday.
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