Tertiary Minerals closes sale of two royalty interests

7th Oct 2022 11:35

(Sharecast News) - Tertiary Minerals has successfully closed the sale of its royalty interests in the Kaaresselkä and Kiekerömaa properties in Finland, it announced on Friday, to Aurion Resources.

The AIM-traded firm said definitive sale agreements were signed, and the transaction was now closed.

Aurion assigned all of its rights in the sale agreement to B2Fingold - a Finnish company in which Aurion holds an interest - in so far as they relate to the Kiekerömaa property.

As a result, separate agreements were executed with Aurion in respect of the Kaaresselkä royalty interest, and with B2Fingold in respect of the Kiekerömaa royalty interest.

"Notwithstanding the separate agreements, the aggregate consideration from Aurion and B2Fingold, now received by the company, is the same as that advised on 8 August," the board said in its statement.

That consideration consisted of CAD 0.2m (£0.13m) in cash, and the issue of 83,333 shares in Aurion Resources to Tertiary.

"The consideration shares are subject to a hold period and cannot be sold before 25 December, being four months and one day after the date of issue."

At 1040 BST, shares in Tertiary Minerals were down 7.31% at 0.24p.

Reporting by Josh White at Sharecast.com.