Talisman Mining (ASX:TLM) is selling two of its iron ore projects to a fellow Perth based company E-Com Multi Limited. The two iron ore projects are at Wonmunna and Uaroo.
The sales will generate $41.35 million for Talisman Mining of which $34.25 million will be cash and $7.1 million shares in E-Com Multi Limited.
E-Com Multi Ltd is shifting its focus from technology, telecommunications and e-commerce to resources. The executive director of corporate affairs for E-Com, Vaz Hovanessian said that it will continue to actively pursue strategically placed iron ore projects in the Pilbara region. Openly inviting prospects for more acquisitions in the iron ore industry in the same region the company is showing how serious it is about this change in focus.
The technology based company will also be asking the shareholder to approve of a restructuring of the company which will allow a new name, management team, capital structure and operational focus. The Wonmunna acquisition will deliver E-Com a strategic landholding and resource from which it intends to build a significant Australia Focused iron ore and infrastructure company.