Many Peaks shares jump 173.9pc

Shares in Many Peaks Minerals soared by 173.9 per cent on Tuesday following news the company had entered into a share sale agreement with Turaco Gold. 

After opening the day at 9.7 cents, news of the agreement resulted in the Many Peaks price rising to a record high of 29.5 cents per share, before closing trade at 20 cents. 

Their impressive day was overwhelmingly due to Turaco's announcement that it would divest its Ferke and Odienne projects in northern Côte d'Ivoire, as the company shifts focus solely on its Afema gold project.

This follows on from Turaco's recent deal with Aurum Resources, which executed a binding terms sheet to secure Turaco's Boundiali South exploration tenement.

Under the arrangement with Many Peaks, who with a 'drag along' clause has an opportunity to attain 100 per cent ownership of the joint venture, Turaco will receive 5 million fully-paid ordinary shares - subject to a year-long escrow period - along with receiving all upcoming proceeds in relation to the recent term sheet with Aurum.

All conditions relating to the agreement between Turaco and Many Peaks must be adhered to within two months.

“This agreement concludes Turaco’s permit rationalisation program that will result in a combination of nondilutive funding for Afema Project and upside in several of the projects via shareholdings or retain minority project interests," Turaco's managing director Justin Tremain said.

"Turaco looks forward to reporting on the progress of the Afema gold project in the coming weeks.”

Many Peaks, which is based in West Perth, also has several gold and copper interests in Queensland.