Landore Resources Ltd (LON:LND) has disposed of non-core asset - the Root Lake Lithium property in Ontario - after Ardiden Limited excericised its previously announced option.
In a deal announced on February 10 this year Landore announced that it is to sell the Root Lake property, which lies more than 400 kilometres away from Junior Lake, in a cash, shares and royalty deal.
Ardiden has already paid an initial non-refundable C$50,000 deposit, plus there will be a further C$150,000 in cash, C$150,000 in Ardiden shares, and the granting of a 3% net smelter royalty, on completion, earmarked for July 26.
Landore said cash will be used for working capital.