Minotaur gets new investment partner
PERTH (miningweekly.com) – Metals developer Minotaur Exploration has agreed to a A$1-million investment deal with a private equity company to advance both copper/gold and gold exploration and development projects.
The agreement consisted of a cornerstone placement of A$750 000 for the issue of 4.2-million shares, at 18c a share, and for a one-for-two attaching options with a strike price of 30c, as well as a further A$300 000 cash injection, along with stamp duty of 50% interest in Minotaur’s wholly owned subsidiary Minotaur Gold Solutions.
“The alliance creates a partnership to support Minotaur’s expanding profile within Australia’s premier iron-oxide copper/gold districts and our intent is to expand into advanced gold opportunities,” said MD Andrew Woskett.
He noted that the private investor recognised the benefits of partnering with Minotaur for its technical capabilities and for its ability to work with joint venture funding partners to create new discovery and development opportunities.
“We expect the alliance to rapidly focus on a number of exciting new projects, and look forward to further news as these unfold,’ said Woskett.
Minotaur and its subsidiary recently entered into a sales and purchase agreement with fellow-listed Breakaway Resources to buy the Scotia project, which consists of some 14 tenements and was prospective for both nickel and gold.
Under the terms of the agreement, Minotaur would acquire all the rights, other than gold, as well as the rights to no less than 20% of the gold deposits discovered on the tenements, for A$600 000 in cash.
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