20th Feb 2015 09:32
LONDON (Alliance News) - Nyota Minerals Ltd on Friday said it has issued the first lot of shares to KEC Exploration Pty as part of its deal to acquire a stake in an exploration permit for a nickel project in Italy.
Nyota shares were untraded at 0.108 pence per share on Friday morning.
On February 10, Nyota said it had entered into a cash and shares deal to buy a 70% stake in KEC Exploration for AUD100,000 in cash, plus 75 million new Nyota shares.
On Friday, Nyota confirmed it has now issued KEC Exploration with 37.5 million shares, and said it will issue another 37.5 million shares once KEC Exploration has been granted the second Italian project tenement, which is "imminent", it said.
The project it has acquired is in the northern portion of the Ivrea Gabbroic complex in northwest Italy, a prospective nickel exploration area. The project previously produced nickel but is, according to Nyota, under-explored.
By Joshua Warner; [email protected]; @JoshAlliance
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