Business
Final CAD$1m received from ValOre
Final CAD$1m received from ValOre.
About this update from Jangada Mines Plc
[{"type":"text","content":"\n \nRNS Number : 4092C Jangada Mines PLC 10 February 2020 \n\nJangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining\n \n10 February 2020\n Jangada Mines plc ('Jangada' or the 'Company')\nFinal CAD$1m received from ValOre\n \nJangada Mines plc, a natural resources company, is pleased to announce that it has received the final CAD$1,000,000 payment due from PBBM Holdings Ltd., a wholly owned subsidiary of TSX-V listed ValOre Metals Corp. ('ValOre'), in relation to the disposal of the Company's previously owned project, Pedra Branca Brasil Mineracao Ltda ('Pedra Branca'), which was announced on 15 August 2019.\n \nUnder the terms of the binding share purchase agreement, as announced on 17 July 2019, Jangada sold its interests in Pedra Branca to ValOre for an aggregate consideration of the issue of 25,000,000 ValOre common shares and cash payments totaling CAD$3,000,000, payable in several tranches. ValOre has now paid the third Post-Closing Payment of CAD$1,000,000 to Jangada, marking the final cash payment due. 500,000 Post-Closing Consideration Shares have also been issued to Jangada. \n \nFollowing issuance of the Post-Closing Consideration Shares, Jangada holds a total of 22,500,000 ValOre common shares, representing 24.9% per cent of ValOre's share capital. The remaining 2,500,000 ValOre common shares due to Jangada are payable in six-monthly instalments of 500,000 shares each.\n \nFunds received to date from the sale of Pedra Branca are being used to advance the Pitombeiras Vanadium Project in Ceara State, Brazil (\"Pitombeiras\"), which has a JORC (2012) Exploration Target of between 40 Mt to 60 Mt tonnes at 0.3% to 0.6% V2O5, 40% to 55% Fe2O3 and 8% to 10% TiO2. In January, the Company commenced a 2,500-metre drilling programme at Pitombeiras to test three prospective magnetic anomalies. The drilling campaign is expected to provide the necessary technical information to support the compilation of a JORC compliant Mineral Resource estimate and a Preliminary Economic Assessment.\n \nDefined terms are set out in the Share Purchase Agreement referred to in the announcement of 17 July 2019 unless stated otherwise.\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/20...