Latin Resources Ltd (ASX:LRS) will pocket 19 million shares of Westminster Resources Ltd (CVE:WMR) following the sale of its Ilo Norte and Ilo Este copper projects in Peru to Westminster.
Westminster has now completed the incorporation of its subsidiary in Peru, and has started the process to transfer the Peruvian copper projects acquired from Latin.
This completes the transaction revealed by Latin in September 2017.
READ:Latin Resources bags funds from non-core asset sale to Westminster Resources
Importantly, the closing of the transaction includes the issue of 19 million shares of Westminster (worth about C$2.66 million today) to Latin, which vest as follows:
• 1 million shares vest on 8 August 2018;
• 3 million shares vest on 8 February 2019, along with the final US$100,000 payment; and
• 15 million shares vest on 8 August 2019.
Westminster has also appointed, Chris Gale, managing director of Latin Resources to its board.