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Quaterra Enters into Agreement to Sell Certain Yerington Water Rights for US$2.91 Million
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2021) - Quaterra Resources Inc. (T...
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[{"type":"text","content":"Quaterra Enters into Agreement to Sell Certain Yerington Water Rights for US$2.91 MillionVancouver, British Columbia--(Newsfile Corp. - February 24, 2021) - Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) today announced its wholly-owned subsidiary Singatse Peak Services LLC (\"SPS\") has entered into a purchase and sale agreement to sell certain primary ground water rights associated with its copper property in Yerington, Nevada, to Desert Pearl Farms LLC (\"Desert Pearl\"), a Yerington-based company involved in agriculture in the district, for US$2.91 million.Desert Pearl has paid an initial $1 million on signing into escrow which will be released to Quaterra once the application for change is submitted to the State of Nevada Division of Water Resources (NDWR). These funds will be available to Quaterra for corporate use. The balance of funds of $1.91 million will be paid when the deal closes and the NDWR approves an application to change the manner of use of the water rights from mining to agriculture, their place of use and when title is transferred to Desert Pearl. Once the sale has closed, SPS will retain about 5,000 acre-feet per year of primary ground water permitted for mining on its 51-square-mile Yerington property. In addition to SPS's primary ground water rights, Quaterra also has decree, supplemental and storage water rights associated with options it holds on private land over the property's Bear deposit.Funds from the sale will be used to progress the Company's MacArthur copper project, assess exploration opportunities and for general corporate purposes.The sale of water rights is non-dilutive to shareholders. About Quaterra Resources Inc.Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) is a copper exploration company with the objective of advancing its U.S. subsidiary's copper projects in the Yerington District, Nevada. The Company also looks for opportunities to acquire copper projects on reasonable terms that have the potential to host large mineral deposits attractive to major mining companies. On behalf of the Board of Directors,Thomas Patton, ChairmanQuaterra Resources Inc.For more information please contact:Karen Robertson, Corporate Communications, 778-898-0057Thomas Patton, Chairman, Quaterra Resources Inc., 604-641-2758email: [email protected]: www.quaterra.comDisclosure note: Some statements...