11:09 AM EDT, 10/17/2024 (MT Newswires) -- Miata Metals ( MMETF ) on Thursday said it closed its acquisition of 79North in a $7.1 million all-share transaction.

Miata now holds a 70% interest in the Sela Creek Gold Project, which it can increase to 100%, and a 70% interest in the Nassau gold project, both in Suriname.

Miata is in the process of closing a $6.37-million brokered private placement whose proceeds will fully fund an initial 5,000 meters of diamond drilling at Sela Creek.

Sela Creek and Nassau are situated on the Guiana Shield, in a region that has attracted substantial recent investment in gold exploration, the company said. Other companies operating in Suriname include Founders Metals (FDR.V), Newmont (NGT.TO), and Greenheart Gold (GHRT.V).

"This transaction is a unique opportunity to provide Miata's shareholders exposure to an underexplored, but highly-prolific jurisdiction in South America," said chief executive Jacob Verbaas. "We have spent considerable time evaluating the region and assessing opportunities in Suriname and are very excited by the exploration potential of the Sela Creek and Nassau projects."

Miata was last seen down $0.01 to $0.78 on the Canadian Securities Exchange.

Price: 0.78, Change: -0.01, Percent Change: -1.27