PERTH (miningweekly.com) – ASX-listed junior Vector Resources has acquired a 70% interest in the Maniema gold project, in the Democratic Republic of Congo, in exchange for two-billion of its shares.
A further 250-million shares in Vector were issued to the company’s advisers in consideration for services provided in relation to the acquisition.
Vector in September announced the transaction, under which it agreed to acquire African Royalty Company’s rights to acquire a 70% joint venture (JV) interest in the Maniema project from WB Kasai Investment Congo SRL (WBK).
Under the terms of the agreement, Vector has also executed a royalty agreement for the payment of a 1% royalty to African Royalty Company and WBK of the gross revenue on all bullion or other mineral sales made by the JV.
“We are pleased that we have been able to move so efficiently to complete the acquisition of our 70% interest in the Maniema gold project,” said Vector chairperson Gary Castledine.
“With the acquisition now complete, our shareholders now have a majority interest in an advanced gold project, that includes the Kabotshome gold prospect and a further four defined gold prospects, within seven exploration licences located within one of the world’s most highly prospective gold mining regions.”
Castledine said that over the coming weeks, Vector would be looking to strengthen the company’s management team capabilities to enable the company to implement its planned gold exploration programme at Maniema, which would start later this month.