MineralsMiningNews

Trigon Metals Closes Acquisition of Kalahari Copperbelt Project in Namibia

 

Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF), referred to as “Trigon,” is delighted to announce the successful completion of the acquisition of Base Metal Investments and Services, a privately held company domiciled in Mauritius, holding the Copperbelt Option. This option grants Trigon the opportunity to acquire up to a 70% stake in the Kalahari Copperbelt Project. Concurrently, Copperbelt has obtained a 25% equity interest in Copperbelt, marking the Initial Acquisition.

In exchange for the Transaction, Trigon has issued 13.6 million common shares to Commodity Makers International, the sole shareholder of Base Metal. Additionally, Trigon will issue 1.6 million common shares to Commodity Makers on each of the six, 12, 18, and 24 month anniversaries of the closing date, totaling 20 million common shares.

As part of the Initial Acquisition, Trigon has disbursed USD$60,000 to Ongwe Minerals (PTY) Ltd., the vendor of Copperbelt, and has committed to funding USD$1M in exploration expenditures on the Project over the next 24 months.

Both the Transaction and the Initial Acquisition are arms-length transactions as per the TSX Venture Exchange policies. Notably, Mr. Rennie Morkel, Mr. Andreas Rompel, and Mr. Grant Sboros, who were previously associated with Commodity Makers, have now taken up roles within Trigon.

Trigon Metals Inc. is a publicly traded Canadian company focused on exploration and development, primarily in copper and silver, within Africa. Presently, Trigon operates in Namibia and Morocco. In Namibia, the company holds an 80% interest in five mining licenses in the Otavi Mountainlands, known for high-grade copper deposits. In Morocco, Trigon holds the Silver Hill project, an area rich in copper and silver prospects.

 

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button