Junior company Chatham Rock Phosphate Ltd. (CRP), Wellington, N.Z., reported on June 30 that it has completed the acquisition of Australian-based Avenir Makatea Pty Ltd.
Avenir, through its wholly-owned French Polynesian subsidiary SAS Avenir Makatea, holds an exploration research permit to explore for phosphate on the French Polynesian island of Makatea. The Makatea project covers an area of 1,035 hectares. The island was mined for phosphate from 1908-1966.
CRP revealed that Avenir is currently conducting due diligence on three phosphate projects in Queensland and Northern Territory (NT). CRP said two are in Queensland (both with mining licenses) and one in NT, all with defined JORC resources.
Due diligence on one of the Queensland projects is reported at an advanced stage and a site visit has been completed. Due diligence on the NT project and the other Queensland project are progressing on the basis of utilizing innovative technology to produce a high value product that can stand the high transport costs to market.
CRP acquired all the outstanding shares of Avenir. The deal was first announced in December (GM Jan. 1, p. 30). A Share Purchase Agreement was signed in April.
CRP has issued a total of 17,857,738 common shares to the former Avenir shareholders. A total of 10,722,858 were issued to Colin Randall, the Executive Chairman of Avenir, and a trust in which members of his family hold an interest. Randall and his family trust now hold approximately 17.4 percent of CRP’s issued and outstanding common shares. In addition, Randall has been appointed to CRP’s Board of Directors.