Business
Transition Metals Closes Purchase and Sale Agreement with Legendary Ore Mining
Sudbury, Ontario--(Newsfile Corp. - April 15, 2019) - Transition Metals Corp. (TSXV: XTM) ("Transition" or "the Company"), is pleased to announce that it has cl
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - April 15, 2019) - Transition Metals Corp. (TSXV: XTM) (\"Transition\" or \"the Company\"), is pleased to announce that it has closed the Purchase & Sale Agreement with Legendary Ore Mining Corporation (\"Legendary\") whereby Legendary has purchased 100% interest in the Dundonald nickel-copper-platinum group metals project located near Iroquois Falls, Ontario. Legendary is a wholly owned subsidiary of Vanicom Limited (\"Vanicom\"), an Australian corporation. On August 28, 2018 the Company announced that it had entered into a Binding Letter of Intent with Vanicom to sell Dundonald to it. The purchase terms include a payment of CDN$50,000 to the Company on signing Letter of Intent with a further payment of CDN$100,000 to the Company in cash on closing of the definitive Purchase Agreement. In addition, VaniCom will issue the Company shares with a value of CDN$350,000. Transition will receive a 2.5% Net Smelter Return Royalty on any future production from the Property. Legendary must incur expenditures of at least CDN$750,000 on exploration and development on the Property over a 36-month period or at its option, Transition can purchase back the property for one dollar. Company CEO and President, Scott McLean commented, \"The project was purchased by the Company as part of a bundle of three properties secured through the bankruptcy auction of First Nickel Inc. assets. We have now been able to leverage two of the properties through sale arrangements while preserving access to the upside of the projects for our shareholders. We are hopeful that we will be able to further leverage the acquisitions with the sale of the third Ni-Cu-PGM project going forward.\" About Transition Metals Corp Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries. The award-winning team of geoscientists has extensive exploration experience in established, emerging and historic mining camps and actively develops and tests new ideas for discovering mineralization in places that others have not looked, which often allows the company to acquire properties inexpensively. The team is rigorous in its fieldwork and combines traditional techniques with newer ones to help unearth compelling prospects and drill target...