S2 Resources has reached agreement to acquire a strategic 19.99% shareholding in Todd River Resources at an average price of $0.09 per share.
TRT is a Northern Territory focused explorer that owns several precious and base metal exploration properties including the recently discovered EM1 prospect on its Mt Hardy project.
Under the terms of the TRT placement arrangements, S2 is to have the right to appoint a nominee to the TRT Board. S2 also has the option (subject to the receipt of an ASX waiver) to participate in future share issues in TRT so as to be able to maintain its percentage shareholding in the company. These rights will continue to apply for so long as S2’s shareholding in TRT is at least 7.5%.
S2’s Managing Director Mark Bennett isto join the TRT board as a non-executive director . Mark will bring his exploration, development and equity capital markets experience to the TRT board as it progresses its exploration at Mt Hardy and elsewhere.
S2 has funded its investment with the proceeds from the sale of its stake in TSXV listed GT Gold, realising an overall pre-tax profit of A$3.39 million, or 339%, on its original A$1m investment.
Source: Company Press Release