Resolute Mining Limited (ASX:RSG) (FRA:RSM) will hold its annual meeting on October 26 and ask shareholders to ratify the issue of shares to Arnold Kondrat, Orca Gold Inc (CVE:ORG) (FRA:HJ6A) (OTCMKTS:CANWF) and Global Iron Ore HK as payments for investments.
Investors will also be asked to pass a resolution to re-elect directors and elect new director Sabina Shugg to the company board after she was elected on September 7 after a retirement.
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The shareholder issue resolutions follow a series of transactions announced on July 13 which involved Resolute snapping up stakes in junior gold companies.
Resolute acquired 25 million Loncor Resources Inc (TSE:LN) (OTCMKTS:LONCF) shares from Kondrat as consideration for the issue of the 2,012,466 shares its investors are being asked to approve with a resolution at their upcoming meeting.
The transaction put Resolute’s stake in Loncor at 27%.
Kondrat’s resulting stake in Resolute would be valued at $2.13 million, using yesterday’s $1.06 closing price, while Resolute’s Loncor buy-in would be valued at $2.45 million (A$2.9 million) using the Canadian market’s 11 cent closing price yesterday.
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Resolute subscribed for 16,182,480 Orca shares in exchange for the 8,953,421 shares its asking investors to approve for issue at the company’s upcoming AGM.
The July transaction put Resolute’s holding in Orca at an undiluted 17%.
Orca’s stake in Resolute would be worth $9.49 million, using yesterday’s closing price, while the Australian-listed company’s buy-in to Orca would have been worth C$7.77 million (A$8.25 million) using the investor’s Canadian Venture Exchange closing price of 48 cents yesterday.
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Resolute Investors will also be asked to approve the issue of 317,160 shares to Global Iron Ore HK as consideration for the 79,290,000 shares Resolute picked up in Manas Resources Limited (ASX:MSR).
The July share-swap agreement upped Resolute’s stake in Manas from 3% to 23%.
Global Iron’s stake in Resolute would be worth $336,189.60 using yesterday’s closing price, while Resolute’s upped stake in Manas would be valued at $317,160 using its 0.4-cent closing value on Monday.
Manas’ shares have gained 25% to 0.5 cents during intraday trading today, putting the value of Resolute’s snap-up stake at $396,450.