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Cohiba buys into unlisted Argentine company

30th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Cohiba Minerals has moved to acquire a 40% shareholding in unlisted Latin Uranium by way of a staged investment worth about A$2-million.

Under the agreement, Cohiba would acquire an initial 15% shareholding in the Argentine company for A$500 000. The junior would acquire a further 25% shareholding for a further investment of A$1.5-million.

“Cohiba has been searching for an asset that gives Cohiba the opportunity to own part of a project portfolio that has the exploration potential to result in a significant resource discovery,” said Cohiba chairperson David Herszberg.

He noted that under the present proposals, the company could acquire a significant interest in the uranium, gold, precious metals, copper and base metals held within Latin’s exploration licences in Argentina.

“Additional exploration in base and precious metals can be ramped up and will offer a balanced and diversified exploration portfolio in a country that offers excellent exploration potential,” said Herszberg.

The transaction was subject to a due diligence, as well as all the necessary shareholder and regulatory approvals.

Edited by Creamer Media Reporter

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