Fortress Minerals (SGX:OAJ) signed a share and purchase agreement with the company's CEO, Sri Ivan Chee Yew Fei, to acquire a 10% stake in Strategic Venture for a cash consideration of $3 million, according to a Wednesday filing with the Singapore Exchange.
Strategic Venture is the holding company of Cheroh Mining PNG, which is involved in minerals exploration and mining in Papua New Guinea.
Shares of the mining company were up nearly 5% in recent trading.
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