03/01/2018 - 15:11

Blaze to acquire Everest Minerals

03/01/2018 - 15:11

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Subiaco-based Blaze International has announced that it will acquire mining company Everest Minerals via the issue of 48,500,000 million shares to Everest shareholders.

Blaze has an 80 per cent interest in the Barkly copper-gold project in the Northern Territory.

Subiaco-based Blaze International has announced that it will acquire mining company Everest Minerals via the issue of 48,500,000 million shares to Everest shareholders.

Blaze’s share price was up 26 per cent on the news to finish at 5.7 cents, valuing the deal at around $2.7 million.

Everest holds investments in mining and exploration companies worth approximately $340,000 and holds $880,000 in cash.

The company also holds an option to acquire 100 per cent of Bar None Exploration’s Kirkalocka gold project in the Meekathara Greenstone belt.

Klaus Eckhof and Corporate & Resource Consultants have been appointed as commercial and technical advisors to Blaze and will each received 25 million options in the company at an exercisable price of eight cents each.

The transaction is subject to a number of conditions including shareholder and regulatory approval along with due diligence by both companies.

Blaze has an 80 per cent interest in the Barkly copper-gold project in the Northern Territory.

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