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XI'AN -- Northwest Nonferrous International Investment (NNII) announced it has acquired a controlling stake in Synergy Metals Ltd with A$12.6 million.
About 1.05 billion common shares of Synergy Metals has been transferred to NNII, taking 48.7 percent of the former's total equity, according to a company statement.
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Synergy Metals in return issued 1.05 billion stock options to NNII, allowing the latter to convert the options into its shares within three years at an exercisable price of A$0.016 per share. The options cost NNII A$16.8 million.
If the options were exercised, NNII's stake would be raised to 51 percent.
Established in 2007, NNII is a fully-owned subsidiary of the Northwest Nonferrous Group and specializes in overseas geological prospecting, mineral development, technology and consulting services.
Synergy Metals is a listed Australian company engaged in mineral prospecting. With its assets mostly situated in the north of Victoria, the company's operation covers a land area of 1,920 square kilometers.
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