StockMarketWire.com - Tri-Star Resources said it has raised a gross £0.5 million, at 0.30p a share, and entered a non-binding letter of intent to acquire Portage Minerals in an all-share deal.

Tri-Star said the consideration of Portage Minerals would be 1,086 ordinary shares, valuing that company at £3.5 million.

"The proposed acquisition of Portage is an important part of becoming an integrated antimony producer and we look forward to working with its management team to complete the transaction," said MD Emin Eyi in a statement.

"Portage will contribute significant undeveloped antimony resources in New Brunswick, Canada to the Company's existing exploration asset base in the region. We expect our enlarged Canadian assets to be an important source of feedstock, alongside Turkey, to the Roaster Project," Eyi said.

Further, Tri-Star's UAE Roaster JV partner, Union International Group, has indicated its intention to exercise its right to take its interest in that vehicle to 49.99%

At 8:05am: [LON:TSTR] share price was +0.02p at 0.34p


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