VDM Group Limited (ASX:VMG) entered into an agreement to acquire 55.3% stake in Cage Bengo Gold Project from Seabank Resources, LDA for approximately AOA 470 million on August 13, 2019. As a consideration, VDM Group must issue 650 million shares of VDM to Seabank. The VDM shares are to be issued from the Company’s existing 15% (LR7.1) capacity and these shares are proposed to be issued by no later than August 16, 2019. On completion of this transaction, VDM will be having 55.25% stake, Pebric will be having 25.2% stake, Seabank will be having 4.25% stake and Ferrangol will be having 15% stake in Cage Bengo Project. Ferrangol’s 15% interest is without financial obligations, which are to be borne by VDM, Pebric and Seabank in their ownership proportions – equating to 65% by VDM, 30% by Pebric and 5% by Seabank. VDM Group Limited (ASX:VMG) completed the acquisition of 55.3% stake in Cage Bengo Gold Project from Seabank Resources, LDA on August 16, 2019.