Toubani Resources (ASX:TRE) has completed an acquisition of 44.5 million shares in Avanti Gold (CSE:AGC), representing 19.9% of the company.
As part of the deal, Toubani issued 72.9 million shares and will also grant Avanti Gold 36.45 million options, exercisable at $0.60 with a three-year expiry date.
As previously reported, Managing Director Phil Russo said the company’s investment represents a strategic opportunity to gain exposure in Africa.
“Avanti’s Misisi project is an attractive asset in a jurisdiction that is very much ‘open for business’, and we look forward to working with the Avanti team to unlock its full potential,” Russo says.
Avanti owns 73.5% of the Misisi Gold Project in the Democratic Republic of the Congo.
Misisi comprises 133km2 of granted mining licences and contains the Akyanga deposit, which holds an inferred resource estimate of 40.8 million tonnes at 2.37 grams per tonne containing 3.1 million ounces of gold.
Toubani Resources is an advanced gold developer focused on bringing its oxide-dominant Kobada Gold Project in Mali into production, with a completed Definitive Feasibility Study and a fully funded pathway to construction.
Write to Aaliyah Rogan at Mining.com.au
Images: Toubani Resources
