Tectonic Gold to Buy Godolphin Exploration; Proposes Name Change

Tectonic Gold (TTAU.AQ) signed an agreement to acquire tin and copper mining company Godolphin Exploration for 3.7 million pounds sterling.

The consideration will be paid through the issue of 1,832,127,500 Tectonic shares, representing a 63.4% stake, as well as 6,962,500 warrants to Godolphin shareholders, according to a Friday filing.

The British metals exploration company also proposed changing its name to Tamar Minerals to better reflect the merged group's strategy.

The acquisition and the name change are subject to shareholder approval at the annual general meeting on May 12.