Koba Resources (ASX:KOB) has agreed to sell its Goodsprings project in Nevada to Canadian mining firm Fairchild Gold, according to a Wednesday filing with the Australian bourse.
Fairchild will acquire 100% of the project, which includes 72 mining claims, for CA$150,000 worth of shares and a 1% royalty, the filing said.
Upon completion, Koba will become Fairchild's second-largest shareholder, the filing added.
The sale allows Koba to focus on its flagship Yarramba uranium project in South Australia while retaining exposure to future value from the Goodsprings project, the company said.
Completion of the project is subject to receipt of approvals from the Toronto Stock Exchange Venture, the company added.
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