Manhattan (MHC) has signed a merger agreement (MIA) to acquire the assets and undertaking of New Zealand firm Trans-Tasman Resources (TTR).

The $36.4m transaction will be completed through an amalgamation.

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Under the contract, Manhattan will issue around 706m Manhattan ordinary shares and 706m performance shares in exchange for all the issued capital in TTR.

According to MHC, the merger offers an opportunity to develop offshore titanomagnetite and heavy mineral sands mining projects.

The major projects of TTR include the South Taranaki Bight (STB) iron sands and the Westland Sands heavy mineral sands projects.

Upon completion of the merger, Manhattan will be renamed TTR Corporation Limited.

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“The company is planning to raise $4m through a prospectus issuing to new investors in order to fund the future exploration, mine development, and working capital requirements.”

Alongside the transaction, the company is planning to raise $4m through a prospectus issuing to new investors in order to fund the future exploration, mine development, and working capital requirements.

A portion of proceeds from the capital raising will be used to conduct airborne geophysical surveys at the Westland Sands project and undertake early work on a bankable feasibility study of the South Taranaki Bight project.

The STB project is located 22km to 36km off the coast of Patea in Taranaki.

TTR secured a prospecting permit for the Westland Sands project.

The permit covers potential high-grade heavy mineral sand deposits located offshore from the west coast of New Zealand’s South Island.

Closure of the transaction is dependent upon necessary independent reports and approvals from shareholders of both Manhattan and TTR.