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Alecto completes acquisition of Nubian Gold
Friday, 2nd March 2012
Alecto Minerals has completed the acquisition of Nubian Gold Exploration, owner of the 1,953 sq km Aysid-Metekel gold project.Alecto has also made the first share based payment in respect of the acquisition of Rift Valley Resources, owner of the 945.5 sq km Wayu Boda gold project.
Both projects are located in mineral rich regions of Ethiopia and are wholly owned by the company.
Alecto has signed a deed of variation in relation to the share purchase agreement to acquire Rift Valley which reduces the total purchase price payable by Alecto by 10%
This has been negotiated further to receiving notification that the company requires an additional exploration licence for emeralds at Wayu Boda.
At 8:32am: (LON:ALO) share price was +0.25p at 2p
Story provided by StockMarketWire.com
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