- Rome Resources Limited has reached an agreement to acquire majority interests in two properties held by Alphamin Resources Corp (AFM)
- The two properties are situated in the Walikali District of the North Kivu Province in eastern Democratic Republic of the Congo
- Bisie North Tin Project comprises two adjoining licenses covering an area of 38.4 km²
- Exploration License PR 13274 covers an area of 30.7 km² and is in the process of being converted into small scale mining permit PEPM 13274.
- Alphamin Resources Corp is engaged in the business of production and sale of tin concentrate from the Bisie Tin mine in the Democratic Republic of the Congo
- Alphamin Resources Corp. was up 3.883 per cent, trading at $1.07 at 3:20 PM ET
Rome Resources Limited has reached an agreement to acquire majority interests in two properties held by Alphamin Resources Corp (AFM).
The two properties are situated in the Walikali District of the North Kivu Province in eastern Democratic Republic of the Congo.
The two contiguous properties adjoin the northern boundary of the tenements held by Alphamin Resources Corp., and are referred to collectively as the Bisie North Tin Project. Alphamin’s Mpama North Mine is situated approximately 8 km south of the boundary of the Bisie North Tin Project.
The Bisie North Tin Project consists of two adjoining licences covering a total area of 38.4 km². Exploration Licence PR 13274 covers an area of 30.7 km² and is in the process of being converted into small scale mining permit PEPM 13274.
Exploration Licence PR 15130 covers an area of 7.7 km², and its west and south boundaries adjoin PR 13274.
The company has agreed to acquire all of the issued and outstanding shares in Medidoc – RD Congo S.A.R.L.U. for $2,000,000, to be paid by 40,000,000 shares of the company at a deemed price of $0.05 per share.
On closing, the company has agreed to settle a debt of $1,278,229 owing to Medidoc by Medidoc Congo by the issuance of an additional 25,564,580 shares of the company at a deemed price of $0.05 per share. The total consideration amounts to 65,564,229 shares.
Medidoc Congo holds a 72.5 per cent interest in Exploration Permit PR 13274 (converting to PEPM 13274). The remaining 27.5 per cent interest is held by Investissement et de Developpement Immobilier S.A.R.L. Medidoc Congo and IDI operate the permit under a joint venture agreement. Medidoc Congo is the operator of the joint venture.
Under the agreement, the company has agreed to fund, to the extent of up to $250,000, on-going costs associated with the maintenance of the permit until closing. Such advances will be treated as a loan to Medidoc Congo.
Alphamin Resources Corp is engaged in the business of production and sale of tin concentrate from the Bisie Tin mine in the Democratic Republic of the Congo.
Alphamin Resources Corp. was up 3.883 per cent, trading at $1.07 at 3:20 PM ET.
