William options Transvaal project

Montreal-based William Resources (ME) has an option to acquire the Malmani gold property in the South African province of Transvaal.

The deal is with Braeside Investments of the United Kingdom. William would acquire all the shares of Braeside’s subsidiary, Venture Gold Mines. William would have to pay cash and issue shares, with Braeside retaining a 2.5% net smelter royalty. Regulators have yet to approve the transaction. The project, which has been previously explored, is near Botswana border. Meanwhile William has completed a private financing of $337,500. Proceeds from the offering, which consists of shares and warrants, will be used to explore the Lac Olga gold and Diatac diamond projects, both of which are in northwestern Quebec.