M&A

Jazz to add coltan to repertoire

Minnow Jazz Resources has announced plans to acquire assets targeting gold and coltan in north-east Brazil from private Vancouver-based company Coltan Gold Mining.

Staff reporter
 Coltan. Image: Fair Congo

Coltan. Image: Fair Congo

Jazz's primary focus was previously the Teddy Glacier and Spider properties in the Revelstoke mining district of British Columbia.

Coltan is a key component in electronics and the Democratic Republic of Congo hosts significant quantities, with mineral-rich countries' alliances with either China or the US being keenly watched against a backdrop of geopolitical tensions.

Under the agreement, Jazz Resources said it was required to issue 2 million shares and issue a two-year convertible loan of $1.25 million at 4% interest.

It said additional information would be provided in due course.

Jazz had last week said it intended to raise up to $2 million through a placement at 20c per unit, "to explore acquisition opportunities and for general working capital".

It had consolidated its shares on an eight-for-one basis in February and had reported a working capital deficiency of $1.8 million at March 31.

Its share price (TSXV: JZR) has ranged form 44c in December to 14c in May. It closed unchanged on Friday at 25.5c to capitalise it at $657,000 (US$490,000).

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