Black Rock Mining (ASX:BKT) has added to its coffers by liquidating a non-core asset in the European energy space.
The company has completed the divestment of its 28% share in Central European Geothermal Energy Private Company for HUF50 million (Hungarian forint), which equates to about A$240,000.
Importantly, the offloading of Black Rock’s remaining geothermal asset strengthens the company’s cash position with non-dilutive funding.
This sale followed quickly on completion last month of a condition precedent to the settlement of a sales deal for the company’s Ocean Hill geothermal property in Western Australia to Eneabba Gas (ASX:ENB).
Under the proposed transaction, Eneabba will pay Black Rock A$300,000 in cash and issue the graphite explorer 40 million Eneabba shares.
Black Rock has otherwise focused on its Mahenge project in Tanzania, where exploration on the Ulanzi prospect is continuing to deliver wide graphite-mineralised intersections.
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