Aurum Resources to acquire PlusOr Global to expand into Boundiali Gold Project
Aurum Resources Limited, an ASX-listed mineral exploration and development company, has entered into a binding heads of agreement to acquire 100% of the issued share capital of PlusOr Global Pty Ltd. This acquisition marks a significant expansion of Aurum’s gold exploration footprint in the highly prospective Boundiali greenstone belt in Côte d’Ivoire.
Boundiali Gold Project: A Key Acquisition
The Boundiali Gold Project, acquired through this agreement, is located within the Boundiali greenstone belt, known for its gold-rich deposits. This project encompasses two exploration permits, PR-0893 and PR-0808, and includes assets like two man-portable hydraulic diamond drilling rigs and consumables for 10,000m diamond drilling needs.
Leadership and Expertise Addition
With this acquisition, Dr. Caigen Wang, the founder and former Managing Director of Tietto Minerals Ltd, will join the Aurum Resources board, bringing valuable expertise and insights to the company. Dr. Wang’s addition is seen as a strategic move to strengthen the company’s position in the gold mining sector.
Aurum Resources to acquire PlusOr Global to expand into Boundiali Gold Project in Côte d’Ivoire
Previous Exploration Efforts and Future Plans
Historic exploration at the Boundiali Gold Project includes drilling, geophysical surveying, geological mapping, and extensive soil sampling. Aurum Resources plans to analyze these results and provide further details on its exploration strategy and potential in the coming months.
Key Terms of the Acquisition
In consideration for the acquisition, Aurum Resources has agreed to issue 25,387,880 fully paid ordinary shares to the PlusOr vendor, subject to shareholder approval. The acquisition’s settlement is contingent upon the completion of due diligence, shareholder approval, and necessary regulatory clearances.
Proposed Timetable for Acquisition Completion
The company has outlined a proposed timetable for the acquisition, with an ASX announcement already made on 13 November 2023, and a general meeting scheduled for 15 December 2023. The completion of the acquisition is expected by 19 December 2023.