(Alliance News) - Fulcrum Metals PLC on Wednesday announced that it signed a letter of intent to sell its Saskatchewan uranium projects.
The Canada-focused mineral exploration and development company said the LOI is with Terra Balcanica Resources Corp, a Bosnia & Herzegovina and Serbia-focused mining explorer.
Terra will have the option to fully buy the projects, paying CAD300,000, around USD221,000, in cash, with the value of shares in Terra to Fulcrum increasing to around CAD3.0 million over four years.
Panther Metals, an Isle of Man-based investor in and acquirer of companies within the natural resource sector with a near 20% stake in Fulcrum, noted the announcement.
Fulcrum Metals shares were flat at 15.00 pence each on Wednesday afternoon in London, while Panther Metals shares rose 7.7% to 3.50p each.
By Tom Budszus, Alliance News slot editor
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Panther Metals (PALM)
Fulcrum Metals (FMET)