PERTH (miningweekly.com) – The Greenland government has approved the transfer of ASX-listed Platina Resources’ Skaergaard exploration licence to Canada-listed Major Precious Metals Corporation.
Platina in June this year struck an agreement to divest of the Skaergaard project for C$0.5-million in cash and 55-million shares in Major Precious Metals, based on the last traded price of 47c a share, representing a further C$25.8-million in value for Platina shareholders.
Closing of the transaction was now only subject to final confirmatory due diligence and regulatory approvals in Canada.
“Completion of the transaction will allow Platina shareholders to share in Skaergaard’s prospective value increase while providing Platina with an injection of new funds to pursue other opportunities,” said MD Corey Nolan.
“Major is already working hard to realise value from the project and has planned a site visit this month and is working towards the preparation of a Canadian resource estimate and a number of other value-adding work programmes.”