Somerset Minerals (ASX:SMM) completed the sale of the Valle del Tigre II mineral concession in Ecuador to Barrick Gold (Ecuador), with remaining cash proceeds of $250,000 since received, according to a Friday filing with the Australian bourse.
Barrick Gold agreed to pay the mining firm a total cash consideration of $320,194, including $20,194 for annual conservation patent fees and $300,000 upfront, in line with the previously announced agreement, the filing said.
The completion of the sale allows the company to focus on its proposed acquisition of the Coppermine project in Canada, according to the filing.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.