Perth-based gold and uranium explorer Convergent Minerals has acquired AFL Resources for the issue of 50 million shares and 25 million options exercisable at 6 cents to AFL shareholders.
The transaction will see three AFL directors appointed to the Convergent board, and will effectively merge the two companies, with Convergent offices moving to Sydney.
The company has appointed David Price as chief executive officer.
In a statement, Convergent said the company’s operations would be expanded to include the AFL projects, however it would remain firmly focused on its Bounty gold project in the Eastern goldfields.
AFL currently holds $700,000 cash and interests in two explorations projects in Queensland.
Convergent shares closed unchanged at 3 cents today.
