Sign up Australia
Proactive Investors - Run By Investors For Investors

Pegasus Metals adds commodity diversification with acquisition in Burkina Faso

Capital raising to fund exploration at Dablo and Mt Mulcahy Copper-Zinc project.
Map of Africa
Sophisticated investors support capital raising to fund acquisition and exploration

Pegasus Metals Ltd’s (ASX:PUN) proposed acquisition of Scorpion Minerals Limited provides the company with an opportunity to secure a 70% joint venture interest in a polymetallic deposit in Burkina Faso.

Dablo has the potential for palladium‐platinum‐gold‐nickel-copper mineralisation.

The Dablo project consists of a large land package comprising four tenements for a total of 981 square metres with a strike length of 6 kilometres identified within an anomalous trend of more than 35 kilometres.

Issue of shares and options as consideration

Under the terms of the acquisition agreement Pegasus will acquire all of the issued capital of Scorpion for $360,000 via the issue of a total of 12 million shares at an implied price of $0.03 per share.

Consideration also includes the issue of a total of 45 million unlisted options in Pegasus in three tranches with exercise prices ranging between $0.03 and $0.10 per option.

Sophisticated investors to participate in $600,000 capital raising

The company will also assume the outstanding loan obligation of Scorpion under a $500,000 loan facility which will include a payment of $250,000 from a capital raising.

Pegasus will undertake a placement to sophisticated investors of 20,000 shares at $0.03 per share to raise $600,000 before costs associated with the issue.

Capital raising will fund exploration at the Dablo and Mt Mulcahy Copper projects

The funds raised will be applied to progress the proposed acquisition and exploration of the Dablo project.

It will also assist in providing financing for exploration activities at the company’s Mt Mulcahy Copper Project located in the Murchison region of Western Australia.

The project hosts the Mt Mulcahy volcanogenic massive sulphide copper-zinc deposit, which has a Measured, Indicated and Inferred Resource of 647,000 tonnes at 2.4% copper, 1.8% zinc and 20 g/t silver.

View full PUN profile View Profile

Pegasus Metals Timeline

Newswire
November 18 2016
Newswire
August 20 2014

Related Articles

Mark Wilson and Mark Creasy with core sample from Nova-Bollinger
April 16 2018
Mark Creasy, who was behind Sirius Resources when it struck the jackpot at Nova-Bollinger has a 30% stake in the Rockford project and a 28% stake in Legend.
1531391169_Kincora---team-overlooking.jpg
July 12 2018
Series of off-market transactions have seen a 28.7% interest and strategic position in Mongolian copper-gold explorer Kincora transition from weak to strong hands, strengthening its existing exploration and expansion strategy. Despite significant uncertainty and shareholder overhang removed following new cornerstone investor Kincora’s share price has not re-rated – yet.
Peel mining worker
August 13 2018
The company's Wagga Tank – Southern Nights area is evolving into a large high-grade deposit.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use