JOHANNESBURG (miningweekly.com) – Aim-listed Sovereign Mines of Africa (SMA) has completed the farm-out of its 75% interest in the Mandiana gold project, in Guinea, to TSX-V-listed Volcanic Gold Mines.
In turn, it received 2.5-million common shares in Volcanic, representing 9.9% of Volcanic’s shares.
SMA, which is now considered an Aim Rule 15 cash shell that has six months to make an acquisition constituting a reverse takeover or have its trading suspended, announced in November that it would sell the Mandiana project following a review of the company’s assets.
At the time, it said it was considering a potential acquisition in the mining industry.