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(Alliance News) - Jangada Mines PLC on Friday said it has received a second tranche of shares in Toronto-listed ValOre Metals Corp, in relation to the disposal of a Brazilian PGM project.
Jangada was issued with 500,000 ValOre shares.
ValOre shares were down 1.7% at CAD0.29 each in Toronto on Friday morning.
Under the terms of a deal struck in July of last year, Jangada would sell its interests in Pedra Branca Brasil Mineracao Ltda for CAD3.0 million, about GBP1.7 million, in cash and 25.0 million ValOre shares.
So far, all of the cash consideration has been received and following the latest stock issue, Jangada holds 16.0 million ValOre shares, just shy of an 18% stake.
"The remaining 2.0 million ValOre common shares due to Jangada are payable in six-monthly instalments of 500,000 shares each over the next two years," Jangada added.
On Monday, Jangada said it raised about GBP1.0 million through the sale of ValOre shares.
Jangada shares closed 3.6% lower at 3.11 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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