As of last September, Mount Ridley’s capital structure comprised 1.52 billion shares.
Prometheus’ co-founder and qualified mining engineer Kabir Osman is to become Mount Ridley’s managing director.
Other involved in Prometheus include Martin Dormer, Robert McKenna and Chay Kee Tan.
The deal revolves around Guy Le Page, who is a director of both Mt Ridley and Prometheus.
RM Corporate Finance, a company controlled by Le Page, is to separately be issued nearly 43 million shares as part of the transaction.
The deal comes with Prometheus having got agreements in place for acquiring an 80% economic interest in Diwalwal (located on the island of Mindanao)...