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Toubani Resources Acquires 19.9% Stake in Avanti Gold via Share Swap; Shares Rise 3%

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Toubani Resources (ASX:TRE) agreed to acquire a 19.9% interest in Canada-listed Avanti Gold via a share swap arrangement, acquiring 44.5 million common shares in Avanti in consideration for the issue of 72.9 million Toubani shares and 36.45 million Toubani options at an exercise price of AU$0.60, expiring three years from the date of issue, according to a Monday Australian bourse filing.

The company said the closing of the transfer of Avanti shares to Toubani will occur no later than July 20.

Avanti is a gold exploration company owning 73.5% of the Misisi gold project in the Democratic Republic of Congo, comprising 133 square kilometers of granted mining licenses and containing the Akyanga deposit.

Toubani's shares rose 3% in recent Monday trade.

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