Posted in | Gold | Mining Business

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

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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