Kalahari Metals to expand prospect in Kalahari copperbelt
Aim-listed Metal Tiger’s 50%-owned subsidiary Kalahari Metals has entered into a binding agreement with Resource Exploration and Development (RED) to acquire 100% of RED’s Kitlanya subsidiary.
The acquisition will effectively reduce Metal Tiger’s interest in Kalahari Metals to about 43.9%.
Kalahari Metals has completed $100 000 worth of exploration works on the licences held by Kitlanya and will acquire Kitlanya through the issue of $700 000 of Kalahari Metals shares – representing about 13.4% of its share capital – to RED.
The Kitlanya licences comprise five recently granted exploration licences and cover about 4 651 km2 of well-located exploration tenure in the prospective Kalahari copperbelt.
The acquisition will increase Kalahari Metals’ direct land position in the Kalahari copperbelt to about 8 594 km2.
Metal Tiger intends to provide further funding to Kalahari Metals to support its drilling in the second quarter.
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