Mainboard-listed Blumont Group is leading a three-party consortium to acquire substantial stakes in Prospect Resources, a minerals explorer listed on the Australian Exchange (ASX).
The partners are Mr Alexander Molyneux and Pacific Advisers.
Mr Molyneux, is a Hong Kong-based specialist resources investment expert who is currently executive chairman of another ASX-listed company, Celsius Coal.
He is also a non-executive director of Ivanhoe Energy and Goldrock Mines Corp, both of which are listed on Toronto Stock Exchange.
Based in Singapore, Pacific Advisers is a financial firm that sources and invests in promising opportunities across the mining and energy, technology, luxury consumer goods and media industries.
The partners, through a newly-incorporated company have entered into a conditional subscription agreement with Prospect Resources to subscribe for 325 million new shares at a subscription price of 1.2 Australian cents (1.4 Singapore cents) a share.
This works out to A$3.9 million and represents a 43.5 per cent stake in the enlarged share capital of Prospect Resources. Blumont will own 60 per cent of the joint venture.