Perth-based Matsa Resources (ASX:MAT) and the Shandong Provincial Bureau of Geology and Mineral Resources have received Foreign Investment Review Board approval to complete a placement of shares worth $4.423 million to SDGM.
Matsa has issued 11,770,000 million shares to SDGM in three tranches: 5,000,000 shares at $0.33 per share; 6,000,000 shares at $0.398 per share and 770,000 shares at $0.50 per share.
The SDGM is carrying out projects of mineral exploration and development throughout the world including Australia, including a strategic investment of $9.78 million in June 2009 with Bauxite Resources Ltd (ASX:BAU) and more recently up to $10 million with Venus Resources Ltd (ASX:VNS) in WA.
Matsa and SDGM are working together to finalise other agreements that may deliver significant benefits to the company in for its gold and iron ore projects.
http://www.proactiveinvestors.com.au/companies/news/5957/matsa-resources-gets-green-light-from-firb-for-china-placement-5957.html
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