24th Oct 2022 14:35
Landore Resources Ltd - Mining exploration and development company in Canada - Finalises and executes Extinguishment Agreement with Green Technology Metals Ltd for CAD3 million, or USD2.2 million. Green Technology Metals will extinguish half of Landore's 3% net smelter royalty over the Root Lake property in Ontario, Canada. In return Green Technology has agreed to pay Landore CAD2 million in cash.
Agreement also provides for acquisition of remaining 1.5% net smelter royalty currently held by Ardiden Ltd. Under terms of 2016 agreement between Ardiden and Landore, Ardiden could acquire Landore's 1.5% stake for CAD1 million. Green Technology Metals on Monday said it will acquire Ardiden's total stake, meaning it will pay additional CAD1 million to Landore. Landore says proceeds will fund exploration activities at Felix, Lamaune and BAM at the Junior Lake property, also in Canada.
Current stock price: 12.37 pence, up 0.9% on Monday in London
12-month change: down 44%
By Chris Dorrell; [email protected]
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