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IronRidge completes Vavoua acquisition

IronRidge Resources has completed its 100% acquisition of the Vavoua projects in Cote d’Ivoire for 2.1 million shares.
IronRidge completes Vavoua acquisition IronRidge completes Vavoua acquisition IronRidge completes Vavoua acquisition IronRidge completes Vavoua acquisition IronRidge completes Vavoua acquisition

IronRidge Resources now owns 100% of the Vavoua projects in Cote d’Ivoire

Staff reporter

CEO Vincent Mascolo said the acquisition had been completed ahead of schedule and at a significant premium.

The shares were issued at 22p (US28c) each, versus IronRidge's current share price (AIM:IRR) of 15.6p, which rose 5.76% on the news.

The acquisition includes the full share capital of Marlin Minerals, Booster Minerals and CAPRI Minerals, which together provide IronRidge with a highly prospective gold exploration portfolio in the country.

IronRidge said former shareholders of the three entities had endorsed its vision and strategy by voluntarily escrowing their IronRidge stock for 12 months.

The company said the acquisition offered streamlined operations with continuity and structure for future growth, while also cemented its commodity and jurisdiction diversity

"The Vavoua portfolio, which is in line with the company's vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geophysical targets and gold targets along strike from the 1.73 million ounce JORC-compliant Abujar resource in the Cote d'Ivoire," Mascolo said.

"The acquisitions are part of our strategic plan in the region providing valuable synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of the next generation of world-class mining projects."