Tanzania – ASX-listed Strandline Resources has received the last of the outstanding conditions precedent to the acquisition of Tanzanian-focused mineral sands explorer Jacana Resources Tanzania (JRT), marking the finalisation of the acquisition process.
As a result of the acquisition transaction, Strandline is now the holder of an extensive and strategically‐important portfolio of tenements within a major East African mineral sands producing corridor.
In consideration of the acquisition of JRT from Jacana Minerals, Strandline has issued 461,974,721 shares to Jacana, the majority of which will now immediately be distributed to Jacana’s shareholders in accordance with the terms of the transaction documentation.
“The exciting and strategically‐important transaction is one which we are confident has the potential to add significant value for Strandline shareholders. We look forward now to rapidly progressing the next phase of Tanzanian exploration and to building on the already promising progress that has been made both on Strandline’s previous tenement portfolio and on the JRT tenements,” says Strandline’s Managing Director Richard Hill.
“We look forward to welcoming and working with our new Directors, Tom Eadie and Mark Hanlon, both exceptionally qualified, experienced and with great mining and exploration pedigrees.”
In parallel with the completion of the acquisition, Strandline has commenced a capital raising in order to raise funds to undertake imminent exploration at its Tanzanian projects and working capital.