(Alliance News) - Richland Resources PLC said Monday stockbroker Thomas Grant has reduced its stake in the company to below 3%.
Prior to Friday's transaction, Thomas Grant held a 10% stake in the Australian sapphire producer and gemstones developer. Thomas Grant's resultant holding was not specified, only that it dipped below 3%.
Earlier Monday, Richland Resources shareholders approved the sale of its Capricorn sapphire project in Australia to Fura Gems Inc.
Under amended terms, Fura will pay an option fee of CAD25,000, about GBP15,500, to Richland, and then CAD125,000 in cash on closing the deal.
The deal will make Richland a cash shell and it will look to secure debt or equity funding to buy a new mining project.
Shares in Richland Resources closed 5.3% higher on Monday at 0.10 pence each.