Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) mining is increasing its footprint outside its core area of Azerbaijan with a C$6.3mln strategic investment in a Canada listed exploration company.
The subscription for 12.6mln new shares in Libero Copper & Gold Corporation gives it a 19.9% stake in the Venture Exchange-quoted group. Each share has a half warrant attached exercisable at 75 cents.
“The acquisition is in line with the company's strategy of increasing its interests in copper and gold properties both in Azerbaijan and internationally,” investors were told.
Libero, meanwhile, owns or has the option to acquire, copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources.
Anglo Asian mines gold, silver and copper from mines close to its core Gedabek operation in western Azerbaijan.