Berkut Minerals Ltd. said March 12 that it agreed to acquire Diatreme Resources Ltd.'s stake in the Tick Hill gold project in Queensland, Australia, as well as Carnaby Resources Ltd., which owns an 82.5% stake in the Southern Hub tenement package that surrounds the project.
The agreement replaced an earlier deal reached by Carnaby to acquire the Tick Hill project from Superior Resources Ltd. and Diatreme, as well as the acquisition of an 82.5% interest in Syndicated Metals' Southern Hub tenements.
The transaction will also see Berkut acquire 100% interest in 972 square kilometers of exploration tenements and applications in Western Australia, named as the Malmac and Throssel projects.
Under the revised deal, Diatreme will receive 7.2 million shares, with Syndicated Metals receiving 5.1 million shares, Superior Resources receiving 2.4 million shares and Carnaby picking up 6.4 million shares. In addition, Carnaby will receive 6 million options, exercisable at 9 cents apiece, and 3 million options, exercisable at 9 cents apiece, both over a five-year period.
The ASX-listed Berkut will also ramp up its exploration program across its projects after it completes a A$1.6 million fund raising through a placement of 20.5 million shares at 7.8 cents apiece to existing and new sophisticated investors.
Meanwhile, Peter Bowler was named as nonexecutive chairman, replacing Justin Tremain, with Rob Watkins appointed to replace Neil Inwood as managing director to lead Berkut's strategic growth.
Further, Berkut intends to rename as Carnaby Resources Ltd. in order to reflect the explorer's new direction.