International Prospect Ventures Ltd. signed a binding agreement to acquire Valroc Ventures Pty. Ltd. for 1.6 million common International Prospect shares.
The companies signed a deal in mid-November to jointly acquire eight gold-prospective mining claims in Western Australia's Pilbara region, with each company agreeing to own a 50% stake in the claims with the aim of establishing a joint venture on the claims around Dec. 31.
International Prospect Ventures said Dec. 14 that under the new agreement, Valroc Ventures will become its wholly owned subsidiary and International Prospect will own a 100% stake in the Pilbara tenements should the applications be granted.
The deal remains subject to the tenement applications being granted and the approval of the TSX Venture Exchange.
In addition, International Prospect reported the addition of Robert Valliant to its board as a new director.