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Gold junior Spitfire Materials has entered into an agreement to merge with Victoria-based Aphrodite Gold in an all-scrip deal that values the target at about $32 million. Perth-based Spitfire will pay one share for every 2.9 Aphrodite shares, valuing the gold explorer at 4.45 cents a share. The deal represents a 93 per cent premium to Aphrodite’s five-day volume-weighted average price. To read more, please Login or Register below
Perth-based Spitfire Materials is looking to grow its gold exploration portfolio through the acquisition of a private company led by Pilbara Minerals pioneers Neil Biddle and John Young, in a scrip deal worth $4.7 million. Spitfire will issue 59.5 million shares to acquire Admiral Gold, which has joint venture agreements over two gold exploration projects; the Mulwarrie project in the Goldfields, and the Alice River project in Queensland.
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