The British Virgin Islands-registered company Polo Resources Limited made an announcement that it has completed the acquisition of 51% interest in Nimini Holdings Limited, which owns AXMIN Inc.'s Sierra Leone Gold assets, for a cash consideration of US$7.5 million. Both Polo Resources and AXMIN now hold a 51% and 49% interest, respectively, in Nimini, which is a private British Virgin Islands company, holding 100% interest in the Sierra Leone Gold assets.
Under the terms of the deal, Polo is to solely fund the first US$2 million of the project exploration expenditures after which both parties are to jointly fund exploration expenditures on a pro rata basis. The parties who choose not to participate will face dilution of their respective interest in the project.
Executive Co-Chairman of Polo Resources, Mr. Neil L. Herbert, commented saying that these gold projects have a substantial resource upside potential and are a significant value opportunity for the company.
AXMIN Inc. is a Canadian exploration and development company working in Central and West Africa, having projects in Central African Republic, Mali, Mozambique, Sierra Leone and Senegal. The company is listed on the Toronto Stock Exchange.
