Business
VR Enters Agreement to Sell Hecla-Kilmer REE Property for $3.6 M*
(TheNewswire) -VR to retain existing royalty purchase rights. -VR to direct funds t...
About this update from Vr Resources Ltd.
[{"type":"text","content":"VR Enters Agreement to Sell Hecla-Kilmer REE Property for $3.6 M*\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n -VR to retain existing royalty\npurchase rights.\n \n \n \n \n -VR to direct funds to drilling New\nBoston porphyry copper\n \n \n \n \n project, Nevada.\n \n \n \n \n NR-24-03\n \n \n \n \n March 11, 2024 –\n \n \n TheNewswire -\n \n \n Vancouver, B.C.:\n \n \n VR\nResources Ltd\n \n \n .\n \n \n (TSX.V:\nVRR, FSE: 5VR\n \n \n ; OTCBB: VRRCF\n \n \n ), the\n \n \n \"\n \n \n Company\n \n \n \", or\n“\n \n \n VR\n \n \n ”\n \n \n , has entered into a binding,\nDefinitive Agreement (the “\n \n \n Agreement”\n \n \n ) to sell its Hecla-Kilmer REE\nmineral property (“H-K”) located in Ontario in a transaction\nvalued at $3.6 M in cash and shares, which will provide non-dilutive\nfunding for a drill program planned for this spring on its New Boston\ncopper-moly-silver porphyry system in Nevada.\n \n \n \n \n The binding terms of the Definitive Agreement include:\n \n \n \n \n \n \n Sale of a 100% interest in H-K (“the Acquisition”)\nto Neotech Metals Corp. (“Neotech”: C.NTMC), pursuant to a\nbinding, Definitive Agreement dated\n \n \n March 8\n \n \n th\n \n \n , 2024\n \n \n \n \n \n \n A cash consideration from Neotech of\n \n \n $1,000,000\n \n \n , of which\n$600,000 is paid on March 28\n \n \n th\n \n \n , and the $400,000 balance paid no later\nthan April 26\n \n \n th\n \n \n (“the Closing”);\n \n \n \n \n \n \n Issuance of\n \n \n 4,00\n \n \n 0,000 common\nshares\n \n \n in the capital of NeoTech, to be released\nper the terms of a 30 month escrow agreement, which includes release\nof 500,000 shares on Closing;\n \n \n \n \n \n \n VR retains its existing right to purchase, at any time,\na 1.5% NSR from the original property vendors;\n \n \n \n \n \n \n VR has the right to nominate one person to the Board of\nDirectors or Advisory Committee of NeoTech;\n \n \n \n \n \n \n Closing is subject to acceptance by the TSX Venture\nExchange and Canadian Securities Exchange.\n \n \n \n \n \n \n From VR’s CEO, Dr. Michael\nGunning\n \n \n , “\n \n \n I am excited to see Hecla Kilmer land in\nthe hands of a dedicated rare earth element company, and further\nexpand its diversified REE project portfolio which spans Canad...