Marshall ups stake in Eden Roc to 67%

In return for $1.4 million, Marshall Minerals (ASE) has acquired seven million shares of Eden Roc Mineral (ASE). As a result of the private placement, Marshall now owns a 67% stake in Eden Roc on an undiluted basis. Marshall was also granted a 3-year option to acquire up to seven million additional shares. The companies agreed to a subscription price of 20 cents per share, after Eden Roc reduced its debt to Marshall by $1.4 million.

Earlier this month, Marshall reported open pit reserves of more than 800,000 tons averaging 0.12 oz. gold per ton at Eden Roc’s Ivory Coast concession in Africa (T.N.M., April 2/90). The two companies plan to bring the deposit into production soon.