22nd Dec 2015 11:12
LONDON (Alliance News) - Tri-Star Resources PLC on Tuesday said it has reached an agreement with Globex Mining Enterprises for the sale of its interests in the Devil's Pike gold discovery in New Brunswick, Canada.
Shares in Tri-Star were trading up 12% at 0.0955 pence following the announcement Tuesday morning.
The deal comprises 119 of the 124 claims owned by Tri-Star comprising the Devil's Pike claim group. The five excluded claims cover the Bond Road antimony target and are being retained by the company.
Tri-Star will receive 350,000 Globex shares as consideration for the sale and potential future royalty payments on production. The transaction is expected to complete in January 2016.
"We are pleased to have reached agreement on the sale of these claims, in the process realising value for Tri-Star shareholders for assets no longer core to the business. In so doing, we are retaining the Bond Road claims considered strategically important to the adjacent Bald Hill antimony discovery," Chief Executive Guy Eastaugh said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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