- DGR Global (DGR) subsidiary, Auburn Resources, has signed an agreement to purchase Armour Energy’s (AJQ) Ripple Resources
- Ripple Resources currently holds a number of mineral exploration tenements in Queensland and the Northern Territory, which could be prospective for lead, zinc and gold
- DGR holds 45 per cent of Auburn, who is looking to list on the ASX
- Auburn will purchase Ripple in an all-script deal, which will see Armour hold a 12.5 per cent interest in Auburn
- On the market today, DGR Global remains steady and trading for 7.2 cents per share, while AJQ is also steady and trading for two cents each
DGR Global (DGR) subsidiary, Auburn Resources, has signed an agreement to purchase Armour Energy’s (AJQ) Ripple Resources.
Ripple Resources currently holds a number of mineral exploration tenements in Queensland and the Northern Territory, which could be prospective for lead, zinc and gold.
Auburn Resources, which is 45 per cent owned by DGR, is looking to list on the ASX, which could potentially happen this year.
Auburn currently holds an interest in a range of mineral projects in Queensland and Northern Territory, making the Ripple purchase complementary to its existing tenements.
Under the agreement, Auburn will purchase Ripple in an all-script deal, which will see Armour hold a 12.5 per cent interest in Auburn.
DGR’s Global Manager John Bierling said the purchase is a logical fit for Auburn.
“The acquisition by Auburn of Ripple Resources is a highly complementary and logical fit for Auburn, enhancing Auburn’s diversified commodity portfolio, across a number of deposit types,” John said.
“The acquisition provides a unique opportunity to add value and significant prospectivity to Auburn, and I look forward to factoring these projects into Auburn’s forward exploration plans,” he said.
On the market today, DGR Global remains steady and trading for 7.2 cents per share, while AJQ is also steady and trading for 2 cents each at 3:00 pm AEST.