THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has entered into a Sale and Purchase Agreement with Sechaba Natural Resources and Shumba Coal to sell four non-core Prospecting Licences situated in the northern part of the company’s Botswana uranium project.
The four licences will be transferred to Sechaba for a total of US$800,000, consisting of US$250,000 cash and Consideration Shares equal to US$550,000 in Botswana Stock Exchange-listed Shumba.
“The sale of these four non-core assets is an excellent outcome for Impact and is part of our exploration strategy to focus on the discovery of high-grade uranium deposits hosted by Proterozoic sedimentary and basement rocks similar to those in the Athabasca Basin in Canada and the Pine Creek Geosyncline in Australia,” Impact’s Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.
Location of Impact Mineral’s Xade copper-nickel-PGE project and Botswana uranium project. Source: Company announcement
Impact said it intends using the proceeds from the sale to strengthen its working capital position and to progress exploration activities at the Red Hills prospect.
The company explained the sale is subject to successful renewal of the Prospecting Rights and Ministerial approval, with the purchase price due and payable in the following tranches:
US$50,000 cash (non-refundable) payable upon execution of the Sale and Purchase Agreement (completed);
US$50,000 cash payable upon the renewal of the Prospecting Rights (expected within 4 months); and
US$150,000 cash and $550,000 in shares in Shumba Coal payable upon the Minister of Mines approving the transfer of the Prospecting Rights (expected within 6 months).