Last checked at 
(Alliance News) - Jangada Mines PLC on Monday said PBBM Holdings Ltd has made the final cash payment of CAD1 million, around GBP582,000, due for the acquisition of the Pedra Branca project in Brazil.
In July 2019, Jangada said it had sold its interest in the platinum group metals and nickel project to Canada's ValOre Metals Corp for a total of GBP4.1 million, to be satisfied through the issue of 25 million ValOre shares and the payment of CAD3.0 million in cash, in various portions.
PBBM Holdings is a wholly-owned subsidiary of ValOre Metals.
Jangada on Monday said it has received the final cash payment of CAD1 million, as well as 500,000 shares. The natural resources company now holds a total of 22.5 million ValOre shares. The remaining 2.5 million shares due are payable in instalments.
The proceeds realised from the sale of Pedra Blanca will be used to advance the Pitombeiras vanadium project in Ceara State, Brazil, Jangada said.
The stock was trading 0.5% lower at 2 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
