Patronus Resources (ASX:PTN) has acquired a 7.73% stake in Emmerson Resources (ASX:ERM) for AU$5.4 million, purchasing 49.14 million shares at AU$0.11 each in an off-market transaction, according to a Friday filing with the Australian bourse.
The investment targets Emmerson's gold and copper assets in the Tennant Creek district and Patronus expects increased M&A interest and exploration efforts in the region, the filing said.
Shares of Emmerson Resources rose 4% in recent Friday trade.
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