25th Aug 2020 14:38
(Alliance News) - Mosman Oil & Gas Ltd said it has sold the majority of its holding in Norseman Capital Ltd following an increase in Norseman's share price.
Diamond miner Norseman has been approved to list on the TSX-V exchange in Canada. It also completed a CAD450,000 - around GBP259,446 - fundraise and secured its first interest in an exploration project. Norseman intends to change its name to Norseman Silver Inc, with the change expected to reflect the company's future business operations, Mosman said.
Mosman said these changes resulted in an increase in the Norseman share price, leading it to sell 1.3 million of its shares in Norseman for AUD258,000, around GBP140,938. It said the new cash will increase its cash reserves and be used to support its growth strategy.
Mosman has projects in the US states of Texas and Oklahoma and in Western Australia.
Mosman noted that Executive Chair John Barr recused himself from the decision to sell the Norseman shares, as Barr is a non-executive director of Norseman.
Shares in Mosman were trading 4.1% higher at 0.19 pence each on Tuesday afternoon in London, giving it a market capitalisation of GBP3.0 million. Norseman shares were last traded in Toronto at CAD0.25 each for a CAD6.3 million market cap.
By Ife Taiwo; [email protected]
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