Ark Mines (ASX: AHK) Ark Mines closes 43% higher after move to acquire Indonesian copper gold project Tuesday, September 13, 2011 by John Phillips Ark Mines (ASX: AHK) rallied strongly throughout the day as investors applauded the company's transitional transaction, with the shares closing 43% higher at $0.315.
Ark has made a move to acquire an advanced Indonesian copper gold project, which is positioned in a region well known for copper gold projects.
The Mount Muro, gold project, which has historically produced 1.3 million gold ounces, is located 20 kilometres from the acquisition, and the Kelian gold project, which to date has produced 7 million ounces of gold, is in the same region.
The deal
Ark will acquire 100% of Sphere Complex Limited, a company which is the indirect majority owner and controller of PT PMM (99.999575%) which holds a highly prospective and advanced exploration project, the Masuparia Contract of Work.
Under the terms of the agreement, Ark will acquire the business and Masuparia Contract of Work for $4 million cash, and issue the vendors 10 million Ark shares.
Ark will be funding this through equity.
The agreement should be finalised within six weeks from today and is subject to shareholder approval and the completion of funding to finalise the purchase and initiate a drilling program at Masuparia
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