News: ASF Group increases stake in Metaliko Resources

ASF Group (ASX:AFA) has increased its interest in Metaliko Resources (ASX:MKO) to 15.33% from 7.22% after subscribing for an additional 30 million shares priced at $0.03 each, or a total of $900,000.

Metaliko will use the funds to develop its gold assets, which include the previously producing Bronzewing Gold Project in Western Australia’s Yandal gold belt.

Earlier this month, ASF raised $2.5 million through the placement of the remaining shortfall shares under its 1:10 non-renounceable pro-rata rights offer priced at $0.18 per share.

It had raised an initial $6.1 million under the rights issue in December 2014 and subsequently placed 5.56 million shortfall shares in February to raise a further $1 million.

AFA is unique among ASX-listed public companies in Australia.

It is a Sino-Australian investment and trading house which focuses principally on the identification, incubation and realisation of opportunities in areas of synergy between China and Australia.

These include ventures involving oil and gas, resources, property, infrastructure, travel and financial services

Metaliko has been assessing the extensive database which covered Bronzewing exploration activities over the last 20 years.

The review in progress is addressing the JORC compliant resource status of the significant gold Resources and Reserves stated by previous (recent) owners of the project. This will allow prioritisation of the targets for immediate exploration effort.

The first of these released recently by Metaliko was the Resource of 700,000 tonnes at 2.17 grams per tonne (48,800 ounces of gold) at the Corboys prospect 40 kilometres north of the 2.3 million tonne per annum Bronzewing Mill.

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