Many Peaks Minerals (ASX:MPK) has entered a binding Share Sale Agreement with Turaco Gold Limited to acquire its 89% interest in CDI Holdings Ltd. CDI Holdings is an 89% subsidiary of Turaco, held with Predictive Discovery Limited, holding an 11% free carry ownership in a joint venture with Turaco. The Agreement will trigger Turaco’s drag-along right in its joint venture with Predictive, whereby Many Peaks will also acquire Predictive’s remaining 11% interest and consolidate 100% ownership of the joint venture entity CDI Holdings.
Highlights:
- Agreement to acquire 100% interest in Turaco Gold Ltd and Predictive Discovery Ltd joint venture holding the right to acquire an 85% interest in four mineral permits in Cote d’Ivoire
- Permits cover expansive 1,275km2 land package including recent gold discoveries with over US$4m previous exploration expenditure
- Acquisition includes the Ferke Gold Project, hosting the recent Ouarigue South discovery with open mineralisation ready for follow-up, and the Odienne Project immediately along strike from new gold discoveries
- Drilling to commence as soon as practicable in the coming quarter
Commentary:
Many Peaks’ Executive Chairman, Travis Schwertfeger, commented: “The Ferke and Odienne Projects in Cote d’Ivoire deliver Many Peaks a strong foundation of exploration success in Cote d’Ivoire with the potential to build significant high-grade ounces in the near term. Both projects are already covered with systematic geochemical coverage and high-resolution geophysics, which have led to demonstrated gold mineralisation confirmed in drilling. Leveraging over US$4m of previous expenditure in recent years has generated multiple targets ready for follow-up, including extension targets, providing Many Peaks with a transformational acquisition with near-term resource potential viable.”