- Sheffield Resources (SFX) receives a $23 million cash payment from Image Resources following the divestment of its Eneabba project exploration tenements
- The company agreed to sell the project for a total of $24 million but due to a lengthy approval process, the parties agreed to complete the sale at $23 million
- Following the satisfaction of customary conditions, the company closed the initial $23 million tranche
- A further $1 million will be paid following the transfer of the Eneabba tenements
- Shares closed 1.15 per cent higher today at 44 cents each
Sheffield Resources (SFX) has received $23 million in cash payment from Image Resources following the divestment of its Eneabba project exploration tenements.
The company agreed to sell the project for a total of $24 million but due to a lengthy approval process, the parties agreed to complete the sale at $23 million.
Following customary conditions were satisfied, the company closed the initial $23 million tranche.
A further $1 million will be paid following the transfer of the Eneabba project mining tenements, which are subject to Foreign Investment Review Board (FIRB) approval and other customary conditions which are expected to be completed in the March 2022 quarter.
Sheffield will apply the cash proceeds from the transaction towards its $10 million obligation to Kimberley Mineral Sands, payable within 60 days following a final investment decision for the Thunderbird Mineral Sands Project, as well as general corporate purposes.
The tenement package consists of eight exploration licences, three mining leases, and one retention licence covering eight project areas.
Shares closed 1.15 per cent higher today at 44 cents.