White Cliff (ASX:WCN) sale to new horizons

White Cliff Minerals has sold its wholly owned subsidiary, Abraxis Mining Pty Ltd, in an all-cash transaction for a total consideration of $200k.

The sale is part of its strategy to scale large projects in stable and transparent jurisdictions. 

With well over $5 million in obtainable cash, the Company is well-placed to advance its ambitions.

“The sale of Abraxis is part of optimising their existing project portfolio and we plan to update stakeholders on other material developments in due course,” Executive Chairman Roderick McIllree said.

ABOUT THE TRANSACTION

Gold Geological Consulting Pty Ltd has agreed to buy Abraxis Mining Pty Ltd with an upfront cash payment of $20,000 (ex. GST), $180k (ex. GST) cash payable within two weeks from the execution of the agreement, and a Deed of Assignment for the 1% NSR granted to the original vendors of Abraxis. The transaction includes the customary representations and warranties. 

WCN.AX

WHITECLIFF FPO [WCN]

ASX

$0.015

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WHITECLIFF FPO [WCN]

Sector: Basic Materials

Industry: Gold

Employees:

White Cliff Minerals Limited engages in the exploration of mineral properties in Australia and Canada. It explores for lithium, rare earth elements, gold, copper, silver, nickel, uranium, iron oxide, lead, and cobalt deposits. The company was formerly known as White Cliff Nickel Limited and changed its name to White Cliff Minerals Limited in November 2011. White Cliff Minerals Limited was incorporated in 2007 and is based in Perth, Australia.