Marshall ups stake in Eden Roc to 75%

Marshall Minerals (ASE) recently increased its stake in Eden Roc Minerals by exercising options to acquire an additional 5.92 million Eden Roc (TSE) common shares for an aggregate consideration of $1.28 million. The exercise price was satisfied by the reduction of Eden Roc’s indebtedness to Marshall by $1.28 million. Marshall now owns 20 million Eden Roc common shares representing 75.5% on an undiluted basis, compared with 67% before the transaction was announced.

It also has options to acquire up to an additional 6.63 million common shares which may be exercised for periods of up to six months.

Eden Roc’s main asset is a 90% stake in an Ivory Coast, West Africa gold concession hosting 1.5 million tonnes grading 3.96 grams per tonne. The remaining 10% interest is held by SODEMI, an Ivorian government mining concern.