LONDON (Alliance News) - Mineral & Financial Investment Ltd said Thursday that its investee company TH Crestgate GmbH sold 25% of a zinc-copper project in Portugal.
The company sold stake in Redcorp Empreendimentos Mineiros Lda, the owner and operator of the project, to Ascendant Resources Inc for USD2.5 million in cash and shares.
Ascendant has the possibility to buy the remaining part of the project, in which case TH, assuming a full earn-in, will earn USD8.6 million in cash.
Mineral & Financial owns a 49% stake in TH Crestgate and after the transaction will have a 2.2% stake in Ascendant.
Mineral & Financial shares were trading 13% higher at 7.99 pence each.
Mineral & Fin (MAFL)