Exploration company Ovoca Resources has completed the acquisition of a 78% interest in Russian company Norplat, which holds a licence in the Kola Peninsula, part of the Baltic shield of North West Russia.
Ovoca said it will issue 39,500,000 new ordinary shares or 11 Ovoca ordinary shares for every 10 ordinary shares in Norplat transferred.
The deal gives Ovoca immediate ownership of a controlling interest in a company with exploration prospects, which include known platinum, gold, copper and nickel mineralisation.
Norplat is currently carrying out a diamond trenching and drilling programme on two of the advanced platinum and gold prospects, Oleninskoye and Nyalm, within its license. It is also at an advanced stage in its application to enlarge the current licence area in the Kola Peninsula to include additional gold, platinum group and base metal prospects.
'The board believes that Norplat's assets, including their exploration properties and assets in Russia, will complete the transformation of the company into a more geographically diversified base and precious metals exploration company with an experienced management team and a strong balance sheet,' a statement from Ovoca said.
