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As part of its acquisition of Wega Mining ASA (‘Wega’) in June 2009, Avocet acquired a 35.6% interest in privately-owned Metallica Mining AS (‘Metallica’).
During 2008, Wega established Metallica, a base metals company and transferred its three main base metal assets to the new entity for NOK 54.8 million, namely shares in Nussir AS, Maepa SA (Portugal) and the Repparfjord exploration licences in Norway. Metallica also has the option to acquire exploration licences in Kosovo. Following the creation of Metallica, NOK 20 million (c.US$3.4 million) was raised from new investors. Wega distributed 5.1 million of its shares, representing an interest of 37.7% in Metallica to its shareholders. After distribution, Wega retained an interest of 36.2% in Metallica. This has since been reduced to 35.6% following the issuance of shares to a joint-venture partner in Kosovo.
For more information about Metallica Mining please visit their website at www.metallicamining.com
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