Soma Gold Corp. has entered into an agreement with two Mineral FF SAS and Rulvix Holding Inc. to purchase 25,992 common shares in Four Points Mining SAS. As a result of the agreement, Four Points will become a 100% owned subsidiary of Soma. Four Points is the owner and operator of the El Limon mine in Antioquia, Colombia. Soma currently holds approximately 88.1% of the issued and outstanding common shares of Four Points.
“Now that Soma will own 100% of Four Points, Soma can integrate operations at El Limon and El Bagre owned by Soma’s other wholly-owned subsidiary, Operadora Mineras SAS,” Soma Executive Chairman Geoff Hampson said. “The two properties and mills are on contiguous properties, and management feels that there is a good chance that the mineralized trend crosses from one property to the other.”
Integrating the two companies will allow Soma to obtain synergies from operating in Colombia as one wholly-owned subsidiary, he added.