Pegasus pegs future to Burkina

MICHAEL Fotios-backed company Pegasus Metals is farming into a precious and base metal exploration project in Burkina Faso, with Bronwyn Barnes and Grant ‘Rocky’ Osborne to be appointed directors of the re-focused junior as the busy resource sector entrepreneur exits the board.

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Pegasus is to acquire a company called Scorpion Minerals which has the right to earn 70% in the Dablo project by spending A$8 million over 42 months.

Scorpion is being acquired for 12 million Pegasus shares, with promoters/directors of Scorpion also being granted 45 million options with various exercise prices and dates – and structured to include a “’cashless exercise’ alternative”.

As of the start of the current financial year, Pegasus had 116 million shares on issue.

Dablo covers 981sq.km and is described as an early Birimian-age greenstone belt containing a largely unexplored ultramafic-mafic complex in a region hosting the Essakane and Ina...