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Empire Metals sells Bolnisi copper and gold project in Georgia for CAD$7m
StockMarketWire.com
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Mineral resource exploration company Empire Metals said it had sold its subsidiary GMC Investments to Candelaria Mining in an all-equity deal of up to CAD$7 million.
GMC Investments was the owner of a 50% interest in JSC Georgian copper and gold, which in turn held the rights to copper-gold projects under a 30-year mining concession in Georgia.
The deal, expected to close by 7 December, included an initial payment of CAD 2 million plus additional payments in shares - of C$1 million, C$2 million and CAD C$2 million totalling CAD 5 million - subject to certain milestones being achieved in Georgia, the company said.
'This is a great deal for Empire shareholders. Candelaria is a growth story with some excellent gold assets in Mexico, including the Pinos gold project which is about to start construction and is scheduled to commence production in 12-14 months,' it added.
At 9:40am: (LON:EEE) share price was +0.2p at 4.15p
Story provided by StockMarketWire.com
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