The Australian exploration company New Frontier Minerals has entered into an agreement to sell its subsidiary BHA No. 1 Pty Ltd. the Australian company Impact Minerals Limited. This is reported in a New Frontier press release.
BHA No. 1 Pty Ltd owns the Broken Hill East project for the development of zinc, silver and lead deposits in western New South Wales (Australia).
The financing of the transaction worth $275 thousand provides for the exchange of shares ($0.07 per share) subject to a six-month voluntary deposit period. The transaction is expected to be completed in mid-March 2025.
The deal is in line with New Frontier's strategy to restructure its portfolio through the sale of non-core assets. Over the past 18 months, New Frontier has completed three deals that have allowed the company to focus on its core Harts and NWQ copper production projects. The remaining non-core asset of Mkushi Copper Project in Zambia will be sold subject to a profitable transaction.
New Frontier Minerals Limited is an Australian mining and resource asset development company. The headquarters is located in Perth (Australia).
Impact Minerals Limited is an Australian exploration company producing nickel, gold, copper, silver, lead, zinc and platinum group elements. The headquarters is located in West Perth (Australia).
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