Azarga Metals Corp (CVE:AZR) updated on its Unkur copper-silver project in Russia, saying it had now closed the acquisition of an additional 40% and owns 100%.
On completion, Azarga Metals will have issued 42mln shares at a deemed price of 15 cents to the vendors of the indirect 40% interest.
Azarga issued 36.75mln shares on March 16 and will issue the remaining 5.25mln upon receipt of the TSX venture exchange's clearance of a personal information form for one of the vendors who will become a greater-than-10% shareholder.
Meanwhile, Azarga has hired Tetra Tech Mining and Minerals to complete an NI 43- 101 preliminary economic assessment (PEA) for Unkur.
The PEA works remain on-track to be completed in mid-2018.
Also, in today's statement, the firm said it had started reviewing a number of potential target acquisitions in the broader Chara-Aldan area of eastern.
It follows the exclusive memorandum of understanding in January over co-operation with certain parties with respect to additional growth opportunities.
Azarga Metals shares are unchanged at C$0.125.