Multi-commodity miner and explorer, Alkane Resources (ALK: ASX) has executed a subscription agreement and an underwriting agreement with Genesis Minerals (ASX: GMD) “Genesis” that will see Alkane invest up to $6 million in Genesis.
The investment is consistent with Alkane’s strategic objective to grow its gold business, both organically through its Tomingley gold operations in NSW, and through investment in junior Australian gold companies with projects that meet Alkane’s investment criteria.
Following the completion of the investment, Alkane will become the largest shareholder in Genesis.
Alkane’s ASX announcement can be found here. For more information on Alkane’s investment, you can read Genesis’ ASX announcement here.