June 30 (Bloomberg) -- Equatorial Resources Ltd. has acquired 19.9 percent of African Iron Ltd. The company purchased 13.9 million shares on market for a total cash consideration of A$3.4 million, while 81.5 million shares have been purchased off market for consideration in the form of 11.4 million shares in Equatorial at the rate of one share in Equatorial for every 7.16 shares in African Iron.

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