Pitchblack Resources Ltd. has entered into an asset sale agreement providing for the sale of the Division Mountain coal project in consideration for a cash payment of US$100 000.
The sale of the Division Mountain coal project is the result of the company's strategic review of its assets, strengths and go-forward plan. As Pitchblack has not conducted any exploration work at the Division Mountain project in the past few years, it had written off the entire value of the property. Through the proposed sale, the company will receive the US$100 000 cash payment and be able to re-focus its management efforts on accretive, acquisition opportunities.
Closing of the sale transaction is scheduled for 18 August, 2017. On closing, the purchaser will assume all property maintenance payments and obligations and will indemnify Pitchblack against any environmental or reclamation obligations and liabilities. The proposed purchaser is not a related party of Pitchblack, its officers, directors or other insiders; consequently, the proposed sale transaction will be an arm's length transaction for the purposes of the policies of the NEX Board of the TSX Venture Exchange. This transaction is subject to the approval of the NEX Board of the TSX Venture Exchange.
Read the article online at: https://www.worldcoal.com/exploration-and-development/09082017/pitchblack-enters-into-agreement-to-sell-division-mountain-coal-project/
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