Krakatoa Resources signs strategic alliance with Indonesian iron ore producer.

Krakatoa Resources' are likely to climb after reaching a strategic alliance with Indonesian iron ore producer Sitasa Group and secured USD 5 million funding facility from Melbourne based Gurney Capital Nominees to progress its Indonesian exploration projects.

As part of the alliance, the company has signed a share purchase and sale agreement with Sitasa to acquire 99.8% of an Indonesian company holding an iron ore exploration license in West Sumatra.

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