Albright Metals (ASX:ABR) has sold several Bryah Basin tenements in Western Australia to Catalyst Metals (ASX:CYL) for $1 million and 105,387 shares.
Shares were issued based on the five-day volume weighted average price prior to the execution of the divestment.
As reported by Mining.com.au, share issuance equals to $800,000, with Catalyst able to acquire Albright’s remaining tenements that make up the Bryah Basin Manganese Joint Venture (BBMJV) for an additional $2.2 million in cash and shares.
Albright will use the funds collected from this sale to advance the Golden Pike Gold and Antimony Project in New Brunswick, Canada. The project includes the Vail Road gold deposit, which is described as ‘high-grade’ and prospective for gold, antimony, and base metals.
CEO Greg Hill says the divestment allows non-dilutive funding to progress activities at Golden Pike, while unlocking value from Albright’s non-core assets.
Albright Metals is a mineral explorer focused on antimony, copper, gold, lithium, and manganese across Australia and Canada.
Write to Maddison Elliott at Mining.com.au
Images: Albright Metals
