Ram Resources executes option deed over acquisition of remaining 49% interest in Motzfeldt

Ram Resources (ASX: RMR) has executed an option deed with the minority shareholders of the UK company Greenland Resources for the Motzfeldt multi-element project in Southern Greenland - providing Ram with greater flexibility.

Greenland Resources currently holds the 49% that Ram doesn't already own.

The deed varies the terms on which Ram may acquire the remaining interest, and provides Ram with an option to acquire the interest in one stage (rather than three) by issuing to Greenland Resources 200 million fully paid shares.

The ability to acquire the outstanding stake in one transaction provides Ram with an improved ability to consider joint venture partners for Motzfeldt in the future, with the project currently entering a very interesting phase.

Ram will kick off a diamond drilling program at the project in the next week covering 3000 metres, targeting an average depth of 200 metres, with a maximum depth of around 250 metres.

This will then provide the company with an increased news flow as the first assays are forecast to be announced in early October, which will then lead to a maiden Inferred JORC Resource in November.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18013/ram-resources-executes-option-deed-over-acquisition-of-remaining-49-interest-in-motzfeldt-18013.html