Morumbi Resources Inc. on Dec. 20 said it completed the previously announced acquisition of the El Mochito zinc-lead-silver mine in Honduras from Nyrstar NV for US$500,000.
Both parties have also entered an off-take deal that will see Nyrstar buying all zinc and lead concentrate production from El Mochito for a 10-year period.
Additionally, Morumbi will consolidate its issued and outstanding share capital on a 1-for-5 basis and will change its name to Ascendant Resources Inc.
Effective Dec. 21, the company's shares on a post-consolidation basis will start trading under the new name and ticker symbol ASND on the TSX Venture Exchange.
In October, Morumbi raised gross proceeds of about C$19.5 million to fund the El Mochito acquisition.