Ashurst has advised the underwriter, GMP Securities Australia Pty Ltd (GMP), in relation to the prospectus offer of 25,000,000 shares by Silver Stone Resources Limited (Silver Stone) at an issue price of $0.20 per Share to raise A$5 million.
Silver Stone, to be renamed Orecorp, has entered into an implementation agreement to acquire 100% of unlisted Australian company OreCorp Limited. OreCorp Limited’s key projects are the Yubdo – Ursa Project in Ethiopia, prospective for gold, nickel, chromium and platinum and the Akjoujt South Project in Mauritania, prospective for gold, nickel and copper. OreCorp also holds a right to acquire up to a 90% interest in the Oua Oua Project in Mauritania, prospective for gold and base metals.
This transaction is significant to Silver Stone as it will enable it to complete the acquisition of Orecorp and raise funds for further exploration on its newly acquired projects.
Lead partner on the matter, Antonella Pacitti, said: “We are very happy to assist GMP with another underwriting role in Western Australia. The raising is another example of the keen interest shown in Australian companies with African resources projects.”
The prospectus is a re-compliance prospectus for the purposes of satisfying Chapters 1 and 2 of the ASX Listing Rules and to satisfy ASX requirements for re-listing following a change to the nature and scale of Silver Stone’s activities as a result of it acquiring 100% of the shares in Orecorp.
The Ashurst team included partner Antonella Pacitti and senior associate Matthew Rumpus.
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