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Polo Resources to Complete Acquisition of Nimini Holdings for $9M in Cash

Polo Resources Ltd (POL.TO) said Wednesday it will acquire the remaining 49% of Nimini Holdings Ltd. it doesn't already own from Axmin Inc. (AXM.V) for US$9 million in cash.

Polo in September acquired a 51% interest in Nimini, which owns gold exploration prospects in the central-west Kono region of Sierra Leone, including the Komahun gold project containing an indicated mineral resource of 370,000 tons grading 9.1 grams gold per ton of ore. It spent $7.5 million for the 51% stake in the joint venture with Axmin, now dissolved with the buyout.

Axmin shares start today at 4.5 cents each.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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