Calgary, Alta.-based
The junior gained 75% interests in all four as a result of its acquisition of a privately held African-based company. The deal saw Marchmont issue 4 million units at 12 each, with a unit consisting of a share and warrant. One warrant entitles the holder to buy an additional share at 35.
Combined, the properties make up a 1,100-sq.-km land package, which has already been explored by way of satellite imagery and chip sampling. Several targets have been outlined, and Marchmont intends to carry out mapping, geochemical sampling and drilling.
Also, the company plans to change its name to Adulis Minerals and consolidate its shares on a 2-for-1 basis. The necessary approvals to do so are expected by late February.
Recently, Marchmont raised $970,000 in a private placement by issuing 6.5 million warrants. The warrants are exchangeable for shares at no additional cost.
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