DGR Global (ASX:DGR) pens deal for Auburn Resources to acquire Armours Ripple Resources

DGR Global (ASX:DGR) has signed a deal with Auburn Resources and Armour Energy (ASX:AJQ) which will see Auburn acquire Armour’s wholly owned subsidiary, Ripple Resources.

Ripple holds multiple mineral exploration tenements in Queensland and the Northern Territory which are considered to be prospective for zinc, lead, and gold.

Auburn will allot 5.6 million Auburn shares to acquire Ripple. Following the allotment, Armour will have a 12.5 per cent stake in Auburn, and DGR Global will hold around 39 per cent.

Completion is expected to occur in April 2021. DGR Global’s GM, John Bierling says that “with the initial asset portfolio now nearing completion, [the company’s] attention is now squarely focussed on progressing Auburn’s IPO plans for ASX listing in 2021.”

Shares in DGR Global (ASX:DGR) last traded at 6 cents.

Copyright 2021 – Finance News Network

Source: Finance News Network