Junior appointments, M&A, financing roundup: Lara, Carmax, Orocobre, Cordoba, War Eagle

Tuesday, January 22, 2013

Vancouver-based Lara Exploration (TSX-V: LRA) has been granted renewals for the exploration permits for its Sergipe potash project in Brazil, triggering the first payment and the issuance of 4mn shares from Australian Aguia Resources (ASX: AGR) in relation to the option agreement for Aguia to acquire up to a 100% interest in the Sergipe potash project in northeast Brazil.

The issue of shares is subject to Aguia shareholder approval in March, after which the shares will remain in escrow until December 21, Lara said in a release.

Aguia has deferred work on Sergipe to focus on projects in southern Brazil, but will resume work there during H2, in accordance with the terms of the acquisition agreement, according to the information.

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Canadian Carmax Mining (TSX-V: CXM) has signed a letter of intent to acquire a British Columbian firm and its fully owned subsidiary in the Dominican Republic in order to acquire the subsidiary's La Angostura and El Rio mineral exploration concessions in the country's Tireo Belt, Carmax said in a release.

The deal involves a total payment of Cdn$500,000 (US$503,338), the issuance of 5mn Carmax shares and Cdn$1.7mn in exploration and development spending obligations over three years.

The acquisition is subject to regulatory approval.

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Australian firm Orocobre (TSX: ORL, ASX: ORE) has appointed Neil Kaplan as CFO and David Hall as business development manager, the company said in a release.

Orocobre has its flagship Salar de Olaroz lithium project in Argentina's Jujuy province.

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Vancouverite Cordoba Minerals (TSX-V: CDB) has closed the final tranche of its previously announced non-brokered private placement, issuing 888,889 units at Cdn$0.45 for gross proceeds of Cdn$400,000, the company said in a statement.

The financing will be used for exploration on the Cordoba property in Colombia and for general working capital purposes.

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Vancouver's War Eagle Mining (TSX-V: WAR) has entered into a merger agreement with private compatriot firm Andromeda Resources, whereby Andromeda shareholders, excluding War Eagle, will exchange their common shares for 0.897 common shares of War Eagle, the former said in a release.

Following the transaction, War Eagle shareholders will hold about 80% of War Eagle's outstanding share capital and Andromeda shareholders will hold the other 20%.

Andromeda will become a fully owned subsidiary of War Eagle and Andromeda's former management team will work with the latter firm to develop base metal properties in Mexico and potentially in other parts of Latin America, War Eagle said.

Specifically, War Eagle's Tres Marías zinc-lead property in Mexico will benefit from the consolidation, according to the company.

The completion of the deal is subject to regulatory and shareholder approval, among other things.

Back in early 2012, a reverse takeover of War Eagle by Andromeda was terminated after the latter breached a key warranty under the deal.

For the full release, click here