- Roscan Gold (TSXV:ROS) has completed its acquisition of Komet Mali SARL and, subsequently, the Dabia South Project
- Under the terms of the purchase agreement, Roscan paid a total of C$3.2 million for the acquisition, consisting of $1.6 million in cash and 4.06 million common shares
- Located northeast of Roscan’s Kandiole Property, Dabia South covers 35 square kilometres of concessions with highly prospective exploration potential
- Exploration teams are now finalising a drill campaign which will be incorporated in an upcoming work program
- Roscan Gold (ROS) is currently steady and is trading at 42 cents per share
Roscan Gold (TSXV:ROS) has completed its acquisition of Komet Mali SARL and, subsequently, the Dabia South Project.
Pursuant to a definitive purchase agreement signed on June 17 this year, the company paid a total of C$3.2 million for the acquisition. This amount was comprised of $1.6 million in cash and 4.06 million common shares at a price of 39.4 cents each.
The shares issued are subject to a voluntary holding period of six months from the date of closing.
In addition, Komet Resources – the previous owner of Komet Mali SARL – has entered into a voting trust agreement with Roscan. As such, Komet has agreed to vote the issued shares on matters in favour of management’s recommendations.
With the acquisition now complete, Komet Mali will become a wholly owned subsidiary of Roscan Mali SARL, which is in turn a wholly owned subsidiary of Roscan Gold.
Located northeast of Roscan’s Kandiole Property in Mali, the Dabia South Project covers 35 square kilometres of concessions with highly prospective exploration potential. It features three primary areas of interest: the Kabaya Project, the Walia Target, and the Dissé Target.
According to historical estimates, the Kabaya Project holds an indicated resource estimate of 105,000 ounces of gold. Thus far, the project has seen drilling to an average depth of 80 metres.
Nana Sangmuah, President and CEO of Roscan Gold, said the acquisition strengthens the company’s discovery potential by adding key exploration targets on a major regional trend.
“One of these targets has a shallow historical estimate which extends to 80 metres depth.
“Our exploration team on the ground is finalising drill campaigns on some of these targets, which will be incorporated as part of our expanded 45,000 kilometre 2020 work program,” he added.
Roscan now owns roughly 20 kilometres of a structural corridor which will set the stage for a detailed exploration to unlock value across the entire belt.
Roscan Gold (ROS) is holding steady and is trading at 42 cents per share at 10:26am EDT.