Polo Resources is upping its stake in Blackham Resources by acquiring a 49% stake in Perfectus Management Limited which in turn owns 15% of Blackham Resources. The consideration for the deal is A$1m and A$2m worth of shares in Polo Resources which are being issued to Perfectus at a 15% premium to the current share price (expanding Polo Resources’ issued share capital by 2.64%). Polo Resources has a two year option to acquire the rest of Perfectus for A$3m (satisfied by issuing Polo shares at 15p).
Blackham Resources is a gold exploration company.