BRIEF-Balmoral Resources enters into agreement to receive minimum $3.6 mln through sale of non-core asset

Wed May 25, 2016 7:37am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

May 25 (Reuters) - Balmoral Resources Ltd

* Balmoral enters into agreement to receive minimum $3.6 million through sale of non-core asset

* To sell its interest in Discovery Zone property to Wallbridge Mining Company limited

* Will receive immediate payment of 2.4 shares of wallbridge, cash payments totaling either $3.4 or $3.5 million over next 60 -120 days

* To receive immediate payment of 2.4 million common shares of wallbridge, cash payments totaling either $3.4 or $3.5 million dollars

* Balmoral will retain a 1% net smelter return royalty on all future production from Discovery Zone Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)