Chesterfield Resources PLC - copper and gold explorer in Cyprus and Labrador, Canada - Sells option for full ownership and rights in its Adeline project in Labrador to Sterling Metals in exchange for cash and shares.
Sterling will pay CAD0.8 million in three payments by November 30, 2024 and issue to Chesterfield 9 million shares in two equal lots of 4.5 million. The final CAD400,000 payment and second tranche of 4.5 million shares are payable should Sterling decide to exercise its option to acquire the Adeline licences at any time prior to November 30, 2024.
Sterling Metals is a listed exploration company and is the holder of the Sail Pond project a 135 kilo metre squared set of licences in Newfoundland, eastern Canada.
Current stock price: 1.70 pence, up 13%
12-month change: down 60%
By Jeremy Cutler, Alliance News reporter
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