Impact Minerals (ASX: IPT) has finalised the sale of its 40% beneficial share of two key uranium tenements within the Wiluna region to Toro Energy (ASX: TOE).
The company received A$713,000 cash and 5,485,000 Toro shares in exchange for its stake in the two exploration tenements – E51/1072 and E51/1075.
Toro last traded at $0.084, valuing the scrip component at around A$460,000.
The two exploration tenements cover about 70% of the Nowthanna uranium deposit near Meekatharra.
Impact plans to use the funds from the sale to further accelerate its exploration programs on the Botswana Uranium Project, where a major drill program is in progress, and the Xade Nickel-Copper-Platinum Group Elements Project, where a major airborne magnetic survey has begun.
The sale comprises 100% of E51/1075 and 20% of E51/1072, part of the Yarrabubba Nickel Joint Venture.
Impact Minerals led a group of vendors in the sale including CITIC Nickel, Talbot Group Investments, Spar Resources, John Rowntree and Teddy Tech.