Kerr Mines, a US-based gold producer, revealed that it has sold its entire stake in the McGarry Mine and Barber-Larder Properties to McGarry-Larder Mines, a subsidiary of Orefinders Resources.
Kerr shall receive 8,000,000 common shares, approximately 9.0%, of Orefinders outstanding share capital, in addition, the Company will receive 440,248 common shares of Power Ore (TSX-V:PORE), a battery metal focused company.
Kerr Mines CEO Claudio Ciavarella said: “The sale of the McGarry assets for common shares in Orefinders, is an excellent value creating opportunity for Kerr Mines Shareholders.
“The McGarry assets in Northern Ontario fit with Orefinders plans of developing assets in the Abitibi and will unlock value for Kerr Mines shareholders.
“The centerpiece of our strategic growth vision is focusing our resources on our core asset, the Copperstone Mine in Arizona, and creating shareholder value through the advancement of this project” concluded Ciavarella.
Source: Company Press Release