Ovoca and Norplat sign heads of agreement on acquisition

03/03/2005 - 10:35:23
Exploration company Ovoca Resources has entered into a heads of agreement to acquire a 78% interest in the share capital and an option to acquire the remaining issued share capital and warrants of the private exploration company Norplat Limited.

Norplat has two advanced prospects in Northern Russia with 900,000 ounces of gold reported under Russian standards.

The transaction, subject to due diligence and regulatory approvals, will involve a transfer of 35,909,091 issued shares of Norplat in return for 39,500,000 Ovoca shares. Ovoca will also have the sole option to buy the remaining shares in Norplat within two years on a similar basis.