Trigon Metals has acquired Base Metal Investments and Services, a private Mauritius-domiciled company that holds an option to acquire up to a 70% stake in the Kalahari Copperbelt Project.
The Copperbelt option provides Trigon the right to attain up to 70% interest in Copperbelt Exploration (Pty) Ltd., which wholly owns the Kalahari Copperbelt Project.
Concurrently with the transaction’s closing, Copperbelt has acquired a 25% equity interest in Copperbelt.
As consideration for the transaction, Trigon has issued to Commodity Makers International, the sole shareholder of Base Metal, 13.6 million Trigon common shares and will issue 1.6 million Trigon common shares to commodity makers on each of the six, 12, 18 and 24-month anniversaries of today’s date, for an aggregate today’s million Trigon common shares.
As consideration for the Initial Acquisition, Trigon, on behalf of Base Metal, has paid US$60,000 to Ongwe Minerals (PTY) Ltd., the vendor of Copperbelt, and has committed to funding US$1 million in exploration expenditures on the project over the next 24 months.
Each transaction and initial acquisition is an arm’s length arm’s action undarm’ se roundarm the TSX Venture Exchange.
Rennie Morkel is a director and officer of Commodity Makers, and Andreas Rompel and Grant Sboros provide consulting services to Commodity Makers.
Morkel and Rompel are now Trigon officers, and Sboros has joined Trigon’s board of directors.
