Titanium Sands Ltd (ASX:TSL) has completed the acquisition of Bright Angel Limited, which through its wholly-owned subsidiaries, holds a substantive 38 square kilometre tenure package that complements the company’s existing extensive tenure at Mannar Island in northwest Sri Lanka.
The acquisition tenure increases the Mannar Island project resource to a total of 90.03 million tonnes at 6.60% total heavy minerals, of which 66% is in the higher definition indicated resource category.
Shareholder approval
Having received shareholder approval at the company’s general meeting on February 21, 2020, the acquisition was completed following the issue today of 417.5 million ordinary shares and 208.75 million unquoted options exercisable at 5 cents per share, expiring on March 10, 2023, following the satisfaction (or waiver) of all conditions precedent to the acquisition.
Titanium Sands looks forward to updating shareholders over the coming months with another mineral resource update and completion of the scoping study.