Meteoric Resources NL (ASX:MEI) has wrapped up the sale of the Juruena Gold Project in Brazil after some delays completing the restructuring pre-conditions.
The first tranche payment of $3.78 million in cash has been received from Alchemist Investments Inc, the parent company of Keystone Resources Ltd.
When the sale was announced in June this year, Meteoric managing director Andrew Tunks had said that the moment was ideal to pass Juruena to a group "far better placed than ourselves to now develop the project, allowing Meteoric to focus on what it does best, which is the identification, acquisition and advancement of projects through high quality exploration, focusing on results generated at the drill bit".
The parties have now agreed to a slight delay on the terms for the second and final tranche payment amounting to $26.5 million. The cash payment will now be received on or before March 31 next year.
With the cash now received, along with the impending second payment, Meteoric intends to ramp up its exploration activities at Palm Springs in Western Australia as well as expand the scope of potential acquisitions.
The company is moving swiftly on both fronts.