JOHANNESBURG (miningweekly.com) – West-African focused Mano River Resources has completed its merger with TSX-listed African Aura Resources (AAR), and changed its corporate name to African Aura Mining.

Under the terms of the merger agreement, AAR shareholders received 1,57 shares in Mano for each share held in AAR. After closing of the transaction, Mano undertook a one for eight share consolidation.

Post merger and post share consolidation African Aura has an issued share capital of more than 52,8-million shares on an undiluted and more than 60,4-million shares on a fully diluted basis.

The shares of African Aura would trade on the TSX-Venture Exchange (TSX-V) and Aim markets under the symbols AUR and AAAM, respectively. In connection with the transaction AAR shares have been delisted from the TSX-V.

African Aura Mining said in a statement that the company would now focus on creating value from its advanced portfolio of gold and iron assets.

The initial focus of African Aura would be on creating value in Liberia by advancing the 1,4-million ounce New Liberty gold project towards production, targeting 100 000 oz a year, and resource drilling of its satellite deposits.

The company would also focus on the completion of a 27 000-m drilling programme to enlarge the resource of the 1,08-billion ton Putu iron-ore project.

African Aura would also continue the exploration of its Nkout iron-ore project and portfolio of gold and uranium projects in Cameroon.

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