TechFinancials, Inc. (AIM:TECH) has announced a deal to potentially acquire up to a 60% interest in the Dilotiko high-grade iron ore project in Kenya.
The deal with Gathoni Muchai Investment Company will see TechFinancials issue some 20 million shares, priced at 0.25p each, to the vendor.
Dilotiko project sits on a 220-acre site 20 km from Voi and near Kenya’s main road and rail links to Mombasa Port. A mining permit application was accepted in January 2025 and is undergoing final evaluation.
It begins a phased acquisition process, at first giving TechFinancial options over an initial 25% stake (with the ability to increase its stake through a further issue of shares).
In the meantime, the Aquis Exchange quoted company will undertake a due diligence phase.