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Canterra Minerals Announces Sale of Buffalo Hills Diamond Project for $1.13 million
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2024) - Canterra Minerals Corporation (T...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"\nCanterra Minerals Announces Sale of Buffalo Hills Diamond Project for $1.13 millionVancouver, British Columbia--(Newsfile Corp. - July 15, 2024) - Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") is pleased to announce it has entered into a Definitive Agreement dated July 10, 2024 (the \"Agreement\") with Star Diamond Corporation (DIAM: TSX) (\"Star Diamond\"), whereby Star Diamond will acquire a 100% interest in the Buffalo Hills Diamond Project (the \"Project\") in north central Alberta, Canada from Canterra.In accordance with the terms of the Agreement, Canterra will sell the Project to Star Diamond in exchange for an aggregate nominal consideration of 17,500,000 common shares (the \"Consideration Shares\") of Star Diamond, representing an implied purchase price of $1.13 million. One half of the Consideration Shares are subject to a 12-month lock-up period and all of the Consideration Shares are subject to a customary four-month hold period. In addition to the Consideration Shares, Canterra will receive a 1% royalty interest in the Project. Chris Pennimpede, President and CEO of Canterra, commented: \"We are very pleased to monetize this non-core asset in Canterra's project portfolio. As a dedicated diamond explorer with complementary assets in the region, we are confident that Star Diamond will be able to maximize the value of the Buffalo Hills Project. The sale of this asset will allow Canterra to continue to focus on its advanced stage copper and gold exploration in the central Newfoundland Mining District. We look forward to maintaining our exposure to the Project as a Star Diamond shareholder and will be watching developments with much interest as our equity participation in Star Diamond provides our Company with exposure to future success.\"The closing of the Agreement is subject to certain closing conditions, such as the receipt of applicable governmental or regulatory approvals, including the conditional approval of the Toronto Stock Exchange (\"TSX\") and the TSX Venture Exchange (\"TSXV\"). About Canterra MineralsCanterra Minerals is a diversified minerals exploration company with a focus on critical minerals exploration in central Newfoundland. Canterra's projects include six mineral deposits located in close proximity to the world-renowned, past producing Buchans mine and...