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Manas Resources acquires RSG's exploration interests in Cote d'Ivoire covering 6,194km2, including three prospective gold projects.The terms look quite favourable to MSR with only $1 million paid upon completion of the transaction with a further $4 million payable after 12 months of gold production from one of the projects being acquired.To fund the upfront payment and working capital for exploration, Manas is raising $3.5 million via the issue of 583,333,333 FPO shares at 0.6c per share. There will also be a 10:1 share capital consolidation reducing the shares on issue from 2,760,273,598 to 276,027,360.A few quick observations:1. The ground being acquired looks quite prospective2. The transaction is only very mildly dillutive with a $1 million up front payment3. There is always political risk in African countries[ATTACH=full]124605[/ATTACH]
Manas Resources acquires RSG's exploration interests in Cote d'Ivoire covering 6,194km2, including three prospective gold projects.
The terms look quite favourable to MSR with only $1 million paid upon completion of the transaction with a further $4 million payable after 12 months of gold production from one of the projects being acquired.
To fund the upfront payment and working capital for exploration, Manas is raising $3.5 million via the issue of 583,333,333 FPO shares at 0.6c per share. There will also be a 10:1 share capital consolidation reducing the shares on issue from 2,760,273,598 to 276,027,360.
A few quick observations:
1. The ground being acquired looks quite prospective
2. The transaction is only very mildly dillutive with a $1 million up front payment
3. There is always political risk in African countries
[ATTACH=full]124605[/ATTACH]
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