08/10/2007 - 12:31

Aurium acquires Haven stake for $1.3m scrip issue

08/10/2007 - 12:31

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South Perth-based Aurium Resources Ltd has acquired a 37.5 per cent stake in gold exploration company Haven Resources Ltd for the issue of 7.5 million shares, worth around $1.3 million, the company has announced.

Aurium acquires Haven stake for $1.3m scrip issue

South Perth-based Aurium Resources Ltd has acquired a 37.5 per cent stake in gold exploration company Haven Resources Ltd for the issue of 7.5 million shares, worth around $1.3 million, the company has announced.

 

 

The full text of a company announcement is pasted below

Aurium Resources Limited (AGU) is pleased to announce that it has acquired 37.5% of the share capital of Haven Resources Ltd (Haven).

The Company stated in its IPO prospectus that it would seek further projects to complement its existing exploration ventures. Consistent with these objectives the Board entered into discussions with major shareholders of Haven, an unlisted public company, with a portfolio of prospective tenements in the Peak Hill region of Western Australia.

The 11 Haven tenements cover an area of 514.6km2 and are located within the Peak Hill Mineral Field.

This region, which is recognized as one of the four Proterozoic goldfields in Western Australia, has a continuous history of gold discovery and production dating back to 1897.

The Haven tenements are strategically located in central Peak Hill and are surrounded by the highly prospective holdings of Meteoric Resources NL, Gleneagle Gold Ltd and the Aurium Resources Ltd/Greater Pacific Gold Ltd Joint Venture.

The directors of AGU consider that the tenement portfolio of Haven complements the company's existing exploration interests and in particular the significant holding in the Peak Hill region the subject of the joint venture between AGU and Greater Pacific Gold Limited.

AGU has acquired 37.5% of the shares in Haven for an issue of 7,500,000 fully paid ordinary AGU shares, and is currently negotiating the acquisition of the remaining 62.5% of Haven shares and 100% of Haven options, subject to AGU shareholder approval.

Attached to this announcement is an Appendix 3B in relation to the shares issued in consideration of the acquisition of 37.5% of the share capital of Haven.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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