By The Associated Press
Wednesday, November 11, 2009
Bridgeport Ventures Inc. (TSXV:BPV), a junior Toronto miner, says it has closed a deal to acquire Rio Condor Resources S.A., a private Chilean company that owns the rights to the Rosario copper-gold property in Chile.
Under terms of the agreement, announced Wednesday, Bridgeport will issue 1.2 million common shares, and pay US$2,000 to acquire Rio Condor.
Bridgeport will also assume Rio Condor's obligation to pay US$10.4 million over four years to acquire a 100 per cent stake in the Rosario and Tamara I properties.
In another development, Bridgeport also announced a non-brokered private placement to raise a minimum of C$5 million and a maximum of C$11 million.