- Kingsrose Mining (KRM) to purchase all the shares in UK company Element-46 (E-46)
- E-46 has mineral exploration rights of the Penikat PGE-nickel-copper deposit in Finland and the Porsanger Project in Norway
- Under the agreement, Kingsrose will pay shareholders of E-46 an upfront and deferred payment
- Upfront, Kingsrose will pay a cash payment of £293,750 (about A$537,000) and will issue over 16.4 million shares and the deferred payment will include a cash payment of £451,250 (around A$824,000) and will issue over 31 million shares
- On the market this morning, Kingsrose is up 11.9 per cent and is trading at 7.5 cents per share
Kingsrose Mining (KRM) has announced it will purchase all the shares in Element-46 (E-46).
E-46 is a private UK company with mineral exploration rights of the Penikat PGE-nickel-copper deposit in Finland and the Porsanger Project in Norway.
Penikat is a high-grade platinum group element, nickel, copper and gold deposit. Mineralisation is hosted in three outcropping parallel reefs with a combined strike length of 25 kilometres.
Porsanger includes 50 square kilometres of exploration licences in the Karasjok Greenstone Belt. High-grade copper mineralisation over 10 kilometres of strike length has been identified in historical rock sampling at the project.
Under the agreement, Kingsrose will pay shareholders of E-46 an upfront and deferred payment.
Upfront, Kingsrose will pay a cash payment of £293,750 (about A$537,000) and will issue over 16.4 million shares.
The deferred consideration will include a cash payment of £451,250 (around A$824,000) and will issue over 31 million shares. However, this payment is subject to Kingrose being granted an exploration licence at Penikat or completing 5000 metres of drilling.
Kingsrose Managing Director, Fabian Baker, is pleased with the acquisition of E-46 and its green energy metals focused exploration projects.
“This transaction is a pivotal step in our new discovery focused strategy, where we intend to utilise the proceeds of past production at Way Linggo towards acquiring and discovering exceptional new deposits,” he said.
“There is no doubt that a green energy transition is fundamental to a low carbon future
and is an enormous opportunity for the mining industry. We aim to ensure our projects meet the requirements of that future.
“Penikat, given its location and world-class grades, stands out for its potential to become a high tech, underground, low surface impact mine delivering critical metals responsibly and within Europe,” he concluded.
On the market this morning, Kingsrose was up 11.9 per cent and is trading at 7.5 cents per share at 11:56 am AEDT.