- Nuheara has announced the sale of some of its southern Peru mining tenements for US$250,00 as part of its strategy to focus on its core businesses of hearing support
- Nuheara also holds mining assets in northern Peru and Western Australia but is actively marketing the tenements in an effort to sell them as soon as possible
- Apart from working towards the company’s core business model, the sale of the tenements will help in the development of new hearing products
- Nuheara shares declined 2.86 per cent today, closing at 3.4 cents per share in a $36.12 million market cap
Nuheara has announced the latest step in divesting from its mining assets to focus on its core business in the hearing health space.
The company currently holds several mining concessions in southern Peru through its subsidiary Wild Acre Metals. Today, Nuheara signed an agreement with Corisur Peru SAC to sell the tenements for US$250,000.
Nuheara Chief Financial Officer Jean-Marie Rudd said apart from working towards the company’s core business model, the sale of the Peru tenements will help in the development of new hearing products.
“Realising capital from the sale of these interests provides additional capacity to the company’s treasury which, in addition to the company’s recent successful capital raise, will support the development of IQbuds MAX,” Jean-Marie said.
Nuheara’s IQbuds product was released in 2016 and allows consumers to augment their hearing according to personal preferences through voice-enabled smart devices.
Furthermore, through the company’s Ear ID software, the earbuds can be personalised in great detail — including how strong a user wants a hearing in each ear. All this can be done through a user’s mobile phone device.
The wireless earbuds let users connect hands-free, and the product is sold in major consumer electronics, retails and professional hearing clinics around the world.
Nuheara aims to continue developing affordable and accessible hearing solutions for those in need.
On top of the southern Peru mining assets, Nuheara also holds mining assets in northern Peru and Western Australia. The company said it is actively marketing the sale of these tenements and wants to get rid of them as soon as possible.
Nuheara shares declined 2.86 per cent today, closing at 3.4 cents per share in a $36.12 million market cap.