Business
Completed Sale of 10% Interest in US Projects
Completed Sale of 10% Interest in US Projects.
About this update from Technology Minerals Plc
[{"type":"text","content":"\n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. \n \n \n \n \n \n \n \n \n 20 May 2022\n \n \n \n \n Technology Minerals Plc\n \n \n \n (\"Technology Minerals\" or the \"Company\") \n \n \n \n \n \n \n Completed Sale of 10% Interest in US Cobalt/Copper Properties for £900,000\n \n \n \n Technology Minerals (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that further to its announcement on 6 May 2022, the Company has completed the sale of an initial 10 per cent interest in the Company's registered claims in its wholly owned US cobalt/copper projects;\n the Blackbird Creek Project and Emperium Project (collectively \"the Properties\"),\n Lemhi County, Idaho, United States of America,\n to Bluebird Metals LLC (\"the Buyer\")\n for a cash consideration of £900,000.\n \n \n \n \n \n The sale agreement also includes a proposed option for the Buyer to acquire a further 20 per cent interest in the Properties for a further cash consideration of £1.8m. The option is exercisable within a 6-month period from the date of the signing of the detailed Purchase Agreement regarding the Proposed Sale.\n \n \n \n \n \n \n Alex Stanbury, Chief Executive Officer of Technology Minerals, said:\n \n \"We are delighted to complete the sale of a minority interest in our US cobalt/copper assets which is a strong endorsement of the potential of the Blackbird Creek and Emperium Projects. The agreement validates our strategy of advancing our junior mining assets up the value curve to attract partners and unlock significant potential value that can be added to the Company's portfolio.\"\n \n \n \n \n \n \n Background: Blackbird and Emperium Projects\n \n \n \n \n \n \n The Blackbird Creek Project is located within the Idaho Cobalt Belt (\"ICB\"), a 60 km long metallogenic district character...