Shares of Westminster Resources Ltd. (TSX-Venture:WMR) have been halted upon the writing of this article with the company entering into a binding Letter of Intent with Latin Resources Limited to acquire a 100% interest in the Ilo Norte and Ilo Este copper projects, both located in southern Peru.
The projects comprise a number of concessions totaling over 36,000 hectares located in the highly prospective coastal IOCG/Porphyry Copper belt of Southern Peru. Latin has carried out exploration drilling and has successfully demonstrated substantial upside for development of the Projects. Within 100 km of the projects, the region is the source of around half of Peru's copper production (the world's third largest copper producing nation).
Details of the sale agreement include the issuing of 19,000,000 common shares in the capital of WMR. Upon completion of the contemplated transaction, Latin Resources will be the largest shareholder of the Company, holding approximately 45% of the issued share capital on an undiluted basis.
As the stock is still halted, shares are nil at $0.345 but once the halt is lifted it’s a safe bet that shares will not stay at that level for long. Up until today’s announcement, shares have been climbing in a well-defined uptrend that began around late-April.
