Alkane Resources Ltd. said Oct. 17 that it took up an approximately 8.8% stake in Calidus Resources Ltd. on an undiluted basis, through a A$3.7 million share subscription.

The Australia-listed explorer agreed to subscribe for 125 million shares at 2.95 cents each, with an additional 70 million share purchase options, exercisable at 3.5 cents each up to Nov. 1, 2019.

Should Alkane exercise the options, it will hold about 10.0% of Calidus.

Calidus is advancing the Warrawoona gold project in Western Australia, while Alkane holds the advanced-stage Tomingley gold and Dubbo zircon projects, both in New South Wales, Australia.