Metals miner James Bay Resources Ltd signed two separate agreements as it looks for acquisitions to enter the Nigerian oil and gas market, by investing up to $32.3 million and a third of its stock, sending its shares up 27 percent. James Bay, which has mining rights in the James Bay Lowlands property in Canada, signed an agreement with D&H Solutions AS to partner it in the search for potential targets and develop any acquired assets. For a 50 percent interest in their venture, James Bay will pay D&H -- a partnership between Hemla of Norway and Korea's Daewoo Shipbuilding and Marine Engineering -- up to $32 million in three tranches at various stages of the acquisition process.
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