PERTH (miningweekly.com) – Junior Meteoric Resources has completed its purchase of fellow-listed Crusader Resources’ Juruena-Novo Astro gold projects, in Brazil.
Under the March sales agreement, Crusader received A$1-million in cash and 50-million shares in Meteoric, with a deemed price of 1c a share, which will remain in escrow for a 12-month period.
Subject to certain project milestones, Crusader will also receive up to A$1.5-million of additional shares or cash from Meteoric.
Meteoric MD Andrew Tunks on Friday said that the formal acquisition of the Juruena and Nova Astro projects marked the start of the next stage of development for the company as it moved towards exploration.
“This is truly an exciting time for the company and its shareholder as we move into gold exploration in what we believe is one of the most prospective regions in the world, the Alta Floresta belt, which is home to majors including Anglo American and Vale.”
Crusader chairperson Stephen Copulos said that the sale of the gold assets would allow the company to improve its cost structure and free up management to accelerate the development of the Borborema gold project.
“The transaction also allows us to maintain an interest in Juruena through a shareholding in Meteoric, which, with its highly professional team, has seen a significant share price increase since the sale was announced.”