Revere to acquire Enterprise

North Perth based gold explorer Revere Mining Ltd has announced plans to acquire unlisted company Enterprise Metals Ltd, with a one for one share payment.

Enterprise, who hold base metals and iron ore assets, will be issued with 37 million shares, giving it a 49 per cent stake in the company, should the deal be approved.

As part of the merger, current Enterprise managing director Dermot Ryan will be appointed managing director of the merged company, while current Revere managing director will remain as an executive director.

The merger is subject to shareholder approval, with a shareholder meeting planned to approve the transaction by June 30.