REED Resources Limited, backed by chairman and stockbroker David Reed, has acquired the Barrambie 684-hectare titanium project, south-east of Meekatharra.
The purchase from Precious Metals Australia Ltd and Magnum Properties Pty Limited came in at $110,000 cash and 750,000 ordinary shares in Reed Resources. Earlier this week Reed Resources was trading at 18 cents, well below its 12-month high of 27 cents a share. The project has a reserve resource calculated at 38.67 million tonnes.
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