Toronto-listed Opawica Explorations is set to acquire privately owned Alex MacIntyre and Associates (AMAL).
An agreement in principle calls for Opawica to pay $1.5 million in cash and issue 725,000 common shares to the two principal shareholders of AMAL. A mining, contracting and development company, AMAL generated revenues of $12 million over each of the past three years.
It also holds application rights to two large reconnaissance-exploration licences in Ghana, West Africa. The Enchi-Wiawso property covers 2,500 sq. km which straddle the southern end of the Bibiani and Antubia gold belts. The 373-sq.-km. Asankrangwa licence lies on the crest of a major anticlinorium between the Ashanti and Bibiani gold belts.
In addition, AMAL holds 1.25 million special warrants of EQ Resources (CDN). On a fully diluted basis, this represents about 25% of the issued and outstanding voting shares in the company. EQ also holds various gold property interests in Ghana.
The acquisition is subject to a due diligence review, as well as regulatory and shareholder approval.
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