PERTH: Resource Development Group Limited (RDG) has completed the transaction with Mineral Resources Limited (MRL) acquiring 100% interest in manganese tenements, Ant Hill and Sunday Hill, both located in the Pilbara region of Western Australia, from MRL’s wholly owned subsidiary Auvex Resources Pty Ltd.
In exchange, MRL has been issued with 1.897 million fully paid ordinary shares of RDG, which equates to 75% of the Company’s total issued capital on a fully diluted basis.
As detailed in the announcement, two of the directors of RDG being Gary Reid and Ivan Ruefli have resigned with immediate effect. Mr. Reid will continue in his role as director of RDG’s wholly owned subsidiary Central Systems Pty Ltd.
Mike Grey, Mark Wilson and Paul Brown have been appointed by MRL as the replacement directors and Andrew Ellison will remain the Company’s Managing Director.
The Board and management are excited by the prospects of the Company and look forward to sharing further updates with its shareholders in the future.