Trigon Metals Inc. (OTC: PNTZF) Stock In Focus After Recent News
This morning, many investors are going to look into those companies that may have been in focus on Thursday, and one of the companies that could come into focus is Trigon Metals Inc. (OTC: PNTZF). The company came into the news cycle yesterday after it announced that it had concluded the acquisition of the privately owned Mauritius-domestic firm Base Metal Investments and Services. Thanks to the transaction, the company would also have the option of taking up a 70% stake in the Kalahari Copperbelt Project.
The transaction could prove to be a crucial one for the company, and it may be a good idea to take a closer look. It should be noted that through the option, Trigon Metals would pick up a 70% stake in Copperbelt Exploration Pty Ltd, which is the owner of the above-mentioned project. Following the closure of the transaction, Copperbelt also picked up a 25% equity stake in the initially acquired Copperbelt entity.
In order to facilitate the transaction, the company issued Commodity Makers International, the only shareholder in Base Metal, with 13.6 million shares of the Trigon common stock. Additionally, it was also revealed that Trigon would also issue commodity makers with 1.6 million common shares in six, 12, 18, and 24 months from the date of the agreement.
That would bring the total number of Trigon common shares issued to commodity makers to 20 million. As part of the initial consideration, Trigon also paid $60,000 to copperbelt vendor Ongwe Minerals Pty Ltd. on behalf of Base Metal. Additionally, the company also made a commitment to provide $1 million in financing towards exploration expenses for the project in the next 24 months. The initial acquisition and each of the transactions had been deemed to be arm’s length transactions as per the provisions of the TSX Venture Exchange.
