Potash exploration and development company Kore Potash has bought two drill rigs and ancillary equipment from Equity Drilling for use in a prefeasibility study (PFS) drilling campaign at the DX project in Congo-Brazzaville.
As consideration for the acquisition, 22-million new ordinary shares in the company are being issued to the vendor at a deemed price of 1.23p each. The acquisition is in line with the company’s strategy to undertake its development plans in a cost-effective manner.
Commenting on the announcement, Kore CEO Brad Sampson said that in addition to being the most cost effective way to complete the DX PFS drilling programme, this equipment may “also be used for any future project development related drilling”.