Westgold negates on SilverStream deal
PERTH (miningweekly.com) – ASX-listed Westgold Resources has struck a new sales agreement for its Mt Marion lithium royalties.
The company in December last year entered into a conditional agreement with SilverStream to divest of its non-core lithium royalties in the Mt Marion and Buldania lithium projects for A$15-million in cash.
However, Cobalt 27 Capital has now offered to acquire the Mt Marion lithium royalty for A$250 000 and 200 t of physical cobalt metal, in a warranted LME warehouse.
Westgold on Wednesday told shareholders that the Cobalt 27 offer was deemed superior, considering the current cobalt prices of $54 000/t.
Westgold has agreed to accept the Cobalt 27 offer and will pay the minor termination costs associates with the SilverStream transaction.
The Cobalt 27 transaction was subject to the completion of a due diligence, and final approval of the Cobalt 27 board.
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