StockMarketWire.com - Serabi Gold has agreed to acquire Chapleau Resources, which owns the Coringa gold project in Brazil, for up to $22m.

Serabi said it would make an initial payment to current owner Anfield on closing of the transaction of $5m in cash, with a further $5m payable within three months of closing.

A final payment of $12m in cash would be due upon the earlier of either the first gold being produced or 24 months from the date of closing.




At 9:49am: [LON:SRB] Serabi Mining PLC share price was 0p at 4.13p



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