Meteoric Resources NL (ASX:MEI) has acquired 13.05 million shares in Rafaella Resources Ltd (ASX:RFR) in exchange for the sale of its Canadian nickel-copper projects, Midrim and LaForce.
The company is now a substantial holder in Rafaella with 12.46% stake, holding 13.05 million shares valued at about $1,226,700.
Upside exposure
Meteoric considers that the sale, in addition to securing excellent value for Meteoric shareholders of non-core assets, provides the company with upside exposure to not only Rafaella’s exploration successes at Midrim and LaForce, but across the entire Rafaella portfolio.
“Fantastic result for Meteoric”
Meteoric managing director Andrew Tunks said after completing the sale: “As I stated when we announced the deal, this is a fantastic result for Meteoric.
“With our focus being on our highly prospective Western Australian and Brazilian gold projects, we did not have the bandwidth to properly explore the Midrim and LaForce projects, so we are thrilled to have entered into an agreement with Rafaella which is in a better position to further these projects.
“Additionally, through the nature of the sale our shareholders will benefit from Rafaella’s future success.”
