Aim-listed IronRidge Resources has completed the acquisition of 100% of the share capital of each of the Vavoua projects, giving it full ownership of a further highly prospective gold exploration portfolio in Côte d'Ivoire.
The consideration and transfer of full ownership of the Vavoua projects collectively is in return for the issue of 2.1-million shares in IronRidge at 22p a share.
The shares will equate to 0.7% of the enlarged share capital of IronRidge once issued.
The Vavoua projects comprise Marlin Minerals, Booster Minerals and Capri Metals.
IronRidge CEO Vincent Mascolo says the Vavoua portfolio, which is in line with the company’s vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geophysical targets and gold targets along strike from the 1.73-million-ounce Joint Ore Reserves Committee-compliant Abujar resource in Côte d'Ivoire.
"The acquisitions are part of our strategic plan in the region, providing valuable synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of the next generation of world-class mining projects.”