THE BOURSE WHISPERER: Metal Bank (ASX: MBK) has entered into an agreement with the shareholders of unlisted company Roar Resources to acquire 100 per cent of the total issued capital of Roar in exchange for the issue of 106.94 million shares.
Metal Bank said the acquisition of Roar will provide it with ownership of two prospective gold exploration projects – the Triumph and Eidsvold projects – in the northern New England Fold Belt of south-east Queensland.
Roar director, Tony Schreck, will join the Metal Bank Board as an executive director to head up exploration.
Metal Bank said the transaction is in line with the company’s core strategy to build a valuable inventory of quality mining assets.
The region has has hosted several gold mines including the nearby Cracow and Mt Rawdon gold mines of Evolution Mining (ASX: EVN).
“The acquisition of Roar represents a significant opportunity for the company to expand its project base by including two gold exploration projects in the vicinity of historical and current gold mining in south-east Queensland,” Metal Bank chair Inés Scotland said in the company’s announcement to the Australian Securities Exchange.
“It provides Metal Bank with access to Roar’s exploration experience, proven track record of discovery success and will expand the MBK Board’s skill set with the addition of Tony Schreck.”