WA-focused gold developer, Middle Island Resources Limited (ASX:MDI, Middle Island) advises that Vancouver-based Tajiri Resources Corporation (TSXV:TAJ, Tajiri) has exercised its option to fully acquire MDI’s Reo Gold Project in Burkina Faso, West Africa.
Completion of the transaction follows Tajiri’s payment to Middle Island of the final US$150,000 Option Extension and Exercise Fee.
The transaction collectively comprised a combination of a US$335,000 cash payment to Middle Island and 5 million fully paid TAJ ordinary shares, at the time representing some 8% of Tajiri’s register on a fully diluted basis.
Middle Island shareholders retain exposure to the Reo gold project via the TAJ shares, along with a residual 2% NSR production royalty that Tajiri may acquire at any time for US$5 million.
The TAJ shares also provide Middle Island shareholders exposure to Tajiri’s exciting gold exploration projects in Guyana, South America.
Middle Island welcomes Tajiri’s commitment to the Reo gold project and looks forward to facilitating the orderly transfer of the exploration permits and other assets in Burkina Faso, once registration of Tajiri’s local entity is finalised.