Oro Verde (ASX:OVL) has acquired Goldcap Resources, a private mineral exploration company focused on Nicaraguan gold and copper opportunities.
Goldcap owns the San Isidro project that is located immediately adjacent to and along mineralised strike from a 2.4 million ounce gold resource, and additional projects are being reviewed.
Settlement of the acquisition has occurred and consideration for the acquisition of Goldcap is via issue of 15 million OVL shares at $0.008; 66 million 3 year options exercisable at $0.01; and 66 million 5 year options exercisable at $0.05.
Goldcap is an Australian entity which has over the past 24 months established a presence in Nicaragua, which has been underexplored over the past 40 years for political reasons.
Under a new pro-business government, gold mining and exploration activity has resumed with three mines re-opening, however there has been almost no modern exploration outside of the areas immediately surrounding these mines.
The company is valued at around $2 million.
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