The proposed transaction is conditional on Landore Resources and GT1 finalizing and executing an Extinguishment Agreement
Landore Resources has executed a binding agreement with Green Technology Metals. (Credit: omid roshan on Unsplash)
Landore Resources Limited (AIM: LND) (“Landore Resources” or “the Company”) is pleased to announce that it has executed a binding agreement with ASX-listed Green Technology Metals Ltd (“GT1”) for GT1 to buyback and extinguish 50% of the Company’s 3% net smelter royalty interest over the Root Lake Project.
In consideration for the buyback, GT1 will make a payment of C$2 million in cash to the Company. The proposed transaction is conditional on Landore Resources and GT1 finalizing and executing an Extinguishment Agreement, which is expected to occur before 21 October 2022, and accordingly there can be no guarantee that the proposed transaction will be completed.
Source: Company Press Release