- White Cliff Minerals (WCN) terminates its agreement to purchase Midway Resources from Grand Port Resources
- The company signed the agreement to purchase Midway and its three mining projects in New Zealand earlier this year
- White Cliff stopped the purchase to focus on its highly prospective Reedy South gold project
- On the market this morning, White Cliff is in the grey and trading at 1.5 cents per share
White Cliff Minerals (WCN) has terminated its agreement to purchase Midway Resources from Grand Port Resources.
Earlier this year, the company signed an agreement to purchase Midway, which would see it gain access to three mining projects in New Zealand.
White Cliff has stopped the purchase to focus on its highly prospective Reedy South gold project.
The company has reached a mutual agreement with the shareholders of Midway.
Under the mutual agreement, Midway will reimburse White Cliff $15,000, a portion of the exclusivity fee.
Additionally, if Midway achieves a listing, White Cliff will be entitled to one per cent of the consideration received by the vendors of Midway.
Due to the termination, the shareholder meeting to be held tomorrow, July 23, will not go ahead.
White Cliff is continuing its Reedy South exploration activities and is expecting soil sampling results in the coming weeks.
On the market this morning, White Cliff is in the grey and trading at 1.5 cents per share at 10:08 am AEST.