Technology Minerals PLC (LSE:TM1) has completed the sale of an initial 10% interest in the company's registered claims in its wholly-owned US cobalt/copper projects.
The sale, to Bluebird Metals, was initially announced on 6 May and has raised £900,000 in cash.
READ: Technology Minerals to sell 10% of Idaho projects to Bluebird Metals
The sale agreement also includes a proposed option for Bluebird to acquire a further 20% interest in the properties for a further cash consideration of £1.8mln. The option is exercisable within a six-month period from the date of the signing of the detailed purchase agreement regarding the proposed sale.
“We are delighted to complete the sale of a minority interest in our US cobalt/copper assets which is a strong endorsement of the potential of the Blackbird Creek and Emperium Projects. The agreement validates our strategy of advancing our junior mining assets up the value curve to attract partners and unlock significant potential value that can be added to the company's portfolio," said Alex Stanbury, the chief executive officer of Technology Minerals.