Verdant Minerals does deal with TSX-listed Laramide Resources
08:57 05 Sep 2018
The company is focused on its flagship Ammaroo Phosphate Project in the Northern Territory.
The sale will generate valuable funding for Verdant in the short term
Verdant Minerals Ltd (ASX:VRM) has agreed to sell its 100% interest in the Lagoon Creek joint venture tenement in Northern Territory to Laramide Resources Ltd (TSE:LAM).
The sale agreement replaces the original joint venture agreement between the two parties.
Verdant will receive $25,000 within 14 days of closing and a further $100,000 on drilling being executed on the tenement.
Notably, Verdant will also receive $0.05 per pound of U3O8 uranium resource compliant to the Canadian NI 43-101 standard.
Laramide can elect to make the further payments in cash or cash plus up to 50% common shares.
READ: Verdant Minerals receives federal government environmental approval for Ammaroo Phosphate Project
Verdant will continue to focus on its flagship 100% owned Ammaroo Phosphate Project in the Northern Territory.
The fertiliser project hosts the largest JORC-compliant phosphate rock resource in Australia, for which a bankable feasibility study has been completed.
Verdant is in the process of securing final environmental and Native Title approvals.
Off-take and financing discussions are ongoing.
Tharun George
http://www.*.com.au/companies/news/...ith-tsx-listed-laramide-resources-204179.html
Verdant Minerals does deal with TSX-listed Laramide Resources...
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