Indiana Resources has announced all conditions precedent to the acquisition of Mukuyu Resources have been satisfied or waived and the acquisition is now complete.
Previous announcements by Indiana Resources have outlined the staged process of this arrangement.
Mukuyu is the owner of interests in two highly prospective gold exploration licences in western Mali, Koussikoto Ouest, in which it holds 75% and Kenieko Nord, in which it holds 95%, with the remaining interest in both licences being held by local partners.
Koussikoto Ouest and Kenieko Nord are located in the prolifically gold mineralised Kenieba Province of western Mali, approximately 550 km west of the capital city
“The acquisition of Mukuyu is an exciting step forward and provides Indiana with two exceptional exploration properties located in a highly prospective region where there is a history of major gold discoveries,” comments Indiana Resources chairman, Bronwyn Barnes.
“In anticipation of the acquisition completing, we have commenced activities on the ground and the initial results from a recently completed reconnaissance drilling programme have confirmed the potential opportunity.
“Work is currently under way to develop a more expansive exploration programme to commence following the end of the wet season in October,” she continues.
In consideration for the acquisition, Indiana Resources will now issue 6 500 000 fully paid ordinary shares in the capital of the company to Mukuyu shareholders (Consideration Shares).
Mukuyu shareholders have agreed to voluntarily escrow the Consideration Shares for a period of 12 months from the date of issue.