THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) reinforced its recent acquisition of Australian tenure by selling off the company’s Canadian based Midrim and LaForce nickel-copper projects.
Meteoric Resources has entered into a conditional tenement sale agreement to divest the projects to Rafaella Resources in exchange for approx. 13 million shares in that company.
Based on the last trading price of Rafaella before stamping the deal a shareholding of $860,000 will increase the value of Meteoric’s treasury stash to approximately $6.7 million, giving it range to explore both its new Western Australian and existing Brazilian gold projects.
“This is a fantastic result for Meteoric,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.
“With our sole focus being on our highly prospective Western Australian and Brazilian gold projects, we did not have the bandwidth to properly explore the Midrim and LaForce projects, so we are thrilled to have entered into an agreement with Rafaella which is in a better position to further these projects.
“Additionally, through the nature of the sale our shareholders will benefit from Rafaella’s future success.”
TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE