Forrestania Resources to Acquire 19.9% Stake in OzAurum via Share Placement; Shares Down 3%

MT Newswires Live

01/30

Forrestania Resources (ASX:FRS) agreed to acquire a 19.9% interest in OzAurum Resources (ASX:OZM) through a placement of 56.9 million shares at AU$0.072 apiece for a total consideration of nearly AU$4.1 million, according to a Friday filing with the Australian bourse.

Proceeds will be used to advance heap leach feasibility and development activities at Ozaurum Resources' James stage one open pit in Western Australia, a separate filing said.

Forrestania Resources shares fell 3% in morning trade on Friday, while Ozaurum Resources shares were up 15%.

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