Cornish Metals announces sale of Nickel King property
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Cornish Metals Inc. has announced that it has entered into a binding letter of intent (the “Agreement”) with Northera Resources Ltd. for the sale of the Company’s 100% interest in the Nickel King and Opescal Lake properties for a total consideration of up to CAN$8 million.
Ken Armstrong, Interim CEO and Director of Cornish Metals, stated: “The sale of Nickel King aligns with Cornish Metals’ objective to focus its efforts on advancing its 100% owned and fully permitted South Crofty tin project, in the UK, towards a construction decision. Cornish Metals will retain exposure to any future exploration success at Nickel King, as Northera works to recommence exploration activities at the Nickel King Property which comprises approximately 4000 ha. in mining leases and mineral claims in Canada's Northwest Territories.”
Under the terms of the Agreement:
- Northera will pay Cornish Metals a non-refundable cash payment of CAN$100 000 within five days of signing the Agreement.
- Within 95 days of signing the agreement, Cornish Metals will transfer to Northera the legal and beneficial title to the mining leases and mineral claims comprising the Nickel King Property, and Northera will pay Cornish Metals a non-refundable cash payment of CAN$900 000.
- Cornish Metals and Northera will enter into a final definitive agreement on or before the date that is 60 days following the signing of the Agreement.
- Upon completion of a go public transaction by Northera, resulting in a listing of securities on the TSX Venture Exchange, or other stock exchange, Northera will issue to Cornish Metals common shares in the capital of Northera having an aggregate market value equal to CAN$7 million.
Read the article online at: https://www.globalminingreview.com/mining/19062024/cornish-metals-announces-sale-of-nickel-king-property/
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