Strategic Minerals (SML) announced in March that it had “entered into arrangements” to purchase the entirety of New Age Exploration’s (NAE) 50% shareholding in Cornwall Resources Limited.
Cornwall Resources Limited is the joint venture developing the Redmoor tin/tungsten project in Cornwall.
An essential part of the deal was that the acquisition had to be ratified by NAE’s shareholders at a general meeting.
Today, however, Strategic Minerals shared that NAE will not be required to refer its decision to sell to its shareholders. In light of this expedited process, Strategic Minerals and NAE have agreed to a transaction settlement date of May 30th 2019.
Managing Director of Strategic Minerals, John Peters relayed the company’s eagerness to begin its tenure at Redmoor:
“Recent meetings with wholesale mining investment funds have highlighted the level of interest that the Redmoor Tin/Tungsten project has engendered.
The contract will settle at the end of May 2019 and the Company will gain full control on project timing and investment. The Company looks forward to developing Redmoor to Pre-Feasibility status, at which time it believes it can better demonstrate the project's underlying value to the market."
For more news and updates on Strategic Minerals: