Argentina Mining (ASX: AVK) has completed the merger with Tanzanian gold explorer Simba Minerals, pursuant to the heads of agreement reached in October.
Simba holds 99.95% interest in the Geita and Singida gold projects, located 20 kilometres along strike from African Barrick’s 17 million gold ounce Bulyanhulu project.
The new entity will hold Simba's two gold projects in the Nyanzian Craton in Tanzania, while Argentina Mining will retain its existing option agreements relating to copper-gold porphyry and epithermal gold-silver projects in Argentina.
The merger opens up a pipeline of new potentially high-grade gold projects currently being developed in Tanzania near existing major producers that are capable of being fast-tracked towards resource definition and production.
Argentina has raised $225,000 via a placement at $0.01 per share, and to the initial placement being over subscribed, determined to raise an additional $100,000 at $0.01 per share.
In a vote of confidence, cornerstone investor Independence Group (ASX:IGO) contributed $75,000 towards the additional placement.
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