Resources round-up: Astar Minerals, Nostra Terra, Eurasia Mining
Astar Minerals, an operator of quarries in British Columbia, has signed a heads of terms with Aggregates West to operate a number of quarries based in an area between the US/Canadian border and Seattle. Aggregates West as a number of sites with high quality reserves of sand and gravel and either owns or has access to over 10m tons of materials. Under the agreement, Astar intends to take over the management of the operations of Aggregates West will pay royalties to Aggregates based on sales volumes. Astar's existing business and operations will benefit from access to a significantly larger sales operation and the ability to sell a wider range of products to its existing client base.
Astar Minerals, an operator of quarries in British Columbia, has signed a heads of terms with Aggregates West to operate a number of quarries based in an area between the US/Canadian border and Seattle. Aggregates West as a number of sites with high quality reserves of sand and gravel and either owns or has access to over 10m tons of materials. Under the agreement, Astar intends to take over the management of the operations of Aggregates West will pay royalties to Aggregates based on sales volumes. Astar's existing business and operations will benefit from access to a significantly larger sales operation and the ability to sell a wider range of products to its existing client base.
Nostra Terra, an oil and gas producer, has completed a placing raising £200,000 through the issue of 55.56m new ordinary shares at 0.36p each. The placing was made following requests by institutional investors. The funds will provide the company with additional flexibility to pursue other opportunities which have been presented to it.
Eurasia Mining narrowed its losses in the six months ended June 30th to £0.26m (H1 2011: £0.39m) on revenues of £0.038m (H1 2011: £0.0023m). Administrative costs decreased from £0.33m to £0.32m year-on-year. Basic losses per share halved to 0.03p. Cash levels soared from £0.32m to £2.5m over the year.
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