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Metals of Africa Ltd. (ASX:MTA) announced that it has secured the services of Mitchell Drilling Mozambique Ltda. through a AU$1.5-million drill for equity agreement.
Metals of Africa Ltd. (ASX:MTA) announced that it has secured the services of Mitchell Drilling Mozambique Ltda. through a AU$1.5-million drill for equity agreement.
Drilling will take place at the company’s Rio Mazoe and Montepuez Central projects.
As quoted in the press release:
Under the Agreement, Mitchell has agreed to subscribe for up to A$1.5 million of shares in the Company, with MTA and Mitchell having the option, during 2015, to settle monthly drilling charges; 50% by way of a cash payment and 50% by way of the issue of shares, with the relevant share price to be calculated via the 5 day volume weighted average price (VWAP) as at the date of invoicing.
Click here to read the full Metals of Africa Ltd. (ASX:MTA) press release.