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Compass Gold to Acquire Remaining 49% of Africa Mining SARL

Compass Gold Corp is planning to buying out the 49% of a gold mining operation called Africa Mining SARL from Transocean Finance Pty Ltd. and Madani Diallo. Compass Gold will swap 30 million units of common shares and purchase warrants for the 49% stake in Africa Mining.

Transocean Finance is led by Mr James Henderson who is also the director, chairman, president and chief executive officer of Compas Gold. Mr Henderson owns 9% of Compass Gold stock and Mr Diallo owns 5% of the same. Mr Diallo is also a director of Compas Gold.

Compas Gold owns a 51% stake in Africa Mining at present. Africa Mining is the owner of 4 gold exploration permits at Yanfolila, Dandoko, Kolondieba and Solabougouda. They also have authorization for exploring Mousala, an area which covers about 881 sq km's in the key gold producing regions in south west Mali, West Africa.

Of the 30 million units that Compass Gold will give out for the completion of the deal 22.5 million units will belong to Transocean Finance and 7.5 million units will go to Mr Diallo. A unit will comprise of one Compass Gold share and one third of a purchase warrant.

A full warrant will allow the holder to buy one common share in Compass Gold for a price of 30 cents. The completion of the deal still needs many conditions to be met including concurrent financing, regulatory approval and minority shareholder approval.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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