Pursuit Minerals (ASX: PUR) sells Scandinavian projects for $ 3 million – The Market Herald

• Pursuit Minerals (PUR) completes $ 3.1 million sale of its Scandinavian nickel and vanadium projects Kendrick Resources
• The sale included an issue of Kendrick shares worth about $ 2.35 million, equivalent to 37.9 million shares
• An additional $ 750,000 in cash will be made after the feasibility study is completed and a mining decision is made.
• Pursuit says the sale will allow it to focus entirely on its projects in Western Australia
• Shares of Pursuit ended the day falling five percent to 1.9 cents

Pursuit Minerals (PUR) has agreed to sell its nickel and vanadium projects in Norway, Sweden and Finland to Kendrick Resources for $ 3.1 million.

The sale consisted of Kendrick shares worth about $ 2.35 million, equivalent to 37.9 million shares, with 36 percent free trading in securities, which is eight million shares every three months.

An additional $ 250,000 in cash will be made upon completion of the feasibility study, which demonstrates an internal rate of return of at least 25 percent.

The final cash payment of $ 500,000 will be made after the decision to mine any of the projects is made.

Kingston has successfully raised £ 3.25 million (A $ 5.73 million) to fund the development of the project.

“Pursuit is very pleased to confirm that Kendrick has settled on buying our Scandinavian projects,” said Managing Director Bob Affleck.

“The company and its shareholders have the opportunity to participate in the growth of Scandinavian projects through Kendrick. Now Pursuit is fully focused on his Warrior and Commando projects. ”

Pursuit first announced its intention to sell its Scandinavian projects January 2021 fully focus on their projects in Western Australia.

It should be noted that Pursuit and its shareholders will retain the opportunity to participate in the development of Scandinavian projects.

Shares of Pursuit fell five percent and traded 1.9 cents at market close.