Canadian exploration company Forge Resources has completed the acquisition of additional shares in Aion Mining, increasing its ownership to 60% of the post-issuance common shares on a fully diluted basis.

This strategic move is aimed at advancing the development of the La Estrella coal project in the Santander region of Colombia.

The transaction involved a payment of C$5.31m to Aion, comprising C$2.81m in cash and 2,873,564 common shares of Forge Resources valued at C$0.87 each.

Forge Resources has also secured a right of first refusal for a period of four years, which enables the company to maintain its 60% control position in Aion's voting securities, even in the event of further securities issuances by Aion.

The relationship between the two companies is closely knit, with Cole McClay serving as a director for both Forge Resources and Aion, and Camilo Amador holding positions as a director of Aion and an officer of Forge.

A committee of independent directors from Forge Resources reviewed and approved the terms of the agreement to ensure fairness and transparency.

An independent valuation of the company's assets was conducted by Evans and Evans, a chartered business valuator, affirming the asset value.

Additionally, WDM Chartered Professional Accountants has audited Aion Mining to comply with the ongoing audit requirements of Forge Resources.

Forge CEO PJ Murphy said: “We are excited to report the successful closing of our acquisition, which now brings our total interest in Aion Mining Corp. to 60%. This strategic milestone underscores our commitment to expanding our footprint in the mining industry and aligns with our vision for sustainable growth.

“Aion’s proceeds from this transaction will be dedicated to developing the project’s infrastructure, ensuring we have the robust foundations needed to advance our initiatives.”