Berkeley Resources has acquired North Asia Metals, a private Australian company earning a 60 per cent interest in the Xin Zhuang joint venture in Shandong, China.
Shareholders approved the acquisition on June 28.
Berkeley has issued six million shares and three million options to the vendors of NAM for all of NAM’s capital.
It had previously advanced a $US300,000 deposit to NAM to fund the initial drilling campaign at Xin Zhuang.
NAM’s vendors have also agreed to vary the original sales agreement to give Berkeley a two-year exclusive right to any other assets secured by NAM in Shandong, with the exception of one potential China joint venture.
