Lithion completes sale of RI gold properties
Tuesday, June 27 2017 - 03:03 AM WIB
TSX Venture Exchange-listed mining firm Lithion Energy Corporation announced Monday that it has completed the sale of its 80 percent equity interest in each of PT Gayo Mineral Resources and PT Linge Mineral Resources, under a share purchase agreement (SPA) with a private Indonesia company.
Lithion, formerly known as Barisan Gold, said in a statement that as per the terms of the SPA, the private Indonesian company will pay a total of US$1 million (equivalent to approximately C$1.32 million). Lithion did not disclose the name of the Indonesian company.
The proceeds will be used to finance the company's lithium projects (in Nevada and Arizona), review additional technology metals properties and to evaluate potential corporate transactions. A finder's fee of US$100,000 is to be paid to an arm's-length company in association with the transaction.
PT Gayo and PT Linge own gold concessions located at Aceh Tengah and Gayo Lues Regencies in Indonesia?s Aceh Province.
Editing by Reiner Simanjuntak