Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Majescor Resources boosts position in Haitian subsidiary

|Includes: Majescor Resources (MJXFD)

Majescor Resources (CVE:MJX) said Tuesday that it has increased its position in its Haitian subsidiary, which owns the gold and copper SOMINE property, located in the north-east mineral district of Haiti.

SIMACT Alliance Copper Gold, through its majority position in affiliate Haitian mining company SOMINE,  or Societe Miniere du Nord-Est, controls the SOMINE copper-gold property in Haiti.

Currently, SIMACT holds 63.3% of the voting shares of SOMINE.

Today, Majescor has agreed to acquire from an individual investor 13,000 voting shares of SOMINE, in exchange for 275,000 common shares and a sum of $25,000.

With this deal, Majescor, through its subsidiary, will exercise control over 65.5% of SOMINE's voting shares.

Majescor is a junior explorer whose project portfolio also includes the Mistassini uranium exploration project in Quebec, under joint-venture with Strateco Resources, and the Besakoa gold and base metal property in Madagascar.

"As the SOMINE project is Majescor's major focus property, we are pleased to continue to invest in the advancement of the project," said president and CEO Dan Hachey.

"We are gratified with the efforts of SOMINE's management and look forward to the commencement of drilling under the supervision of the Buscore team."

The transaction remains subject to regulatory approval.