Namibia-focused Kalahari Minerals has fully closed its off-market takeover bid for minerals-exploration company Coronet Resources.
This follows acceptances with respect to 99.44 percent of the issued shares in Coronet.
Kalahari, which has uranium, gold and base metal interests in Namibia had proposed the off-market takeover bid on December 17, offering one of its shares for every 1,705 Coronet shares.
Coronet owned a 7.65 percent interest in Kalahari.
The firm issued 15.9-million of its shares to the Coronet shareholders which accepted the offer, saying that the new shares would start trading on the Aim on March 8.
It would now also start with the compulsory acquisition of the remaining shares in Coronet, in a process that would likely take up to six weeks.
Kalahari held a 41 percent stake in Extract Resources, which was exploring for uranium at the Rossing South project, in Namibia.
The open pit mining operation was expected to deliver about 14.8-million pounds of uranium oxide a year once developed.
Mathew Nyaungwa, Rough&Polished, from Namibia
Rough&Polished