Shandong Provincial Bureau cleared to invest in Matsa Resources
Perth-based Matsa Resources (ASX:MAT) and the Shandong Provincial Bureau of Geology and Mineral Resources have received Foreign Investment Review Board approval to complete a placement of shares worth $4.423 million to SDGM.
Matsa has issued 11,770,000 million shares to SDGM in three tranches: 5,000,000 shares at $0.33 per share; 6,000,000 shares at $0.398 per share and 770,000 shares at $0.50 per share.
The SDGM is carrying out projects of mineral exploration and development throughout the world including Australia, including a strategic investment of $9.78 million in June 2009 with Bauxite Resources Ltd (ASX:BAU) and more recently up to $10 million with Venus Resources Ltd (ASX:VNS) in WA.
Matsa and SDGM are working together to finalise other agreements that may deliver significant benefits to the company in for its gold and iron ore projects.
Related news
- Peninsula Energy chairman talks to Proactive Investors in Stocktube Video
- Empire Energy Group hits oil production milestone in Appalachia
- Aminex and Solo Oil to carry out further analysis on Ntorya-1 well
- Angel Biotechnology shares surge as it reveals new contracts worth total of £4.5mln
- Pan Pacific Aggregates secures £2m facility from Yorkville Advisors
- Sunrise Resources reveals high grade results from Derryginagh barite project – UPDATE
- Red Rock Resources acquires option in Kansai Mining
