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Landore Resources Ltd - Mining exploration and development company in Canada - Finalises and executes Extinguishment Agreement with Green Technology Metals Ltd for C$3 million, or $2.2 million. Green Technology Metals will extinguish half of Landore's 3% net smelter royalty over the Root Lake property in Ontario, Canada. In return Green Technology has agreed to pay Landore C$2 million in cash.
Agreement also provides for acquisition of remaining 1.5% net smelter royalty currently held by Ardiden Ltd. Under terms of 2016 agreement between Ardiden and Landore, Ardiden could acquire Landore's 1.5% stake for C$1 million. Green Technology Metals on Monday said it will acquire Ardiden's total stake, meaning it will pay additional C$1 million to Landore. Landore says proceeds will fund exploration activities at Felix, Lamaune and BAM at the Junior Lake property, also in Canada.
Current stock price: 12.37 pence, up 0.9% on Monday in London
12-month change: down 44%
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