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New Age Exploration $5 million sale of Redmoor on track for 30 May 2019

The company is selling its 50% stake in a joint venture to its partner Strategic Minerals plc (LON:SNL) for $5 million.
one hand passing cash to another hand
The sale agreement comprises three stages

New Age Exploration Ltd (ASX:NAE) has provided an update to its shareholders regarding the sale of its 50% interest in the  Redmoor Tin-Tungsten Project in the United Kingdom.

The sale has now been scheduled for completion on 30 May 2019, subject to New Age agreeing the form of the Royalty Deed and Mortgage, which will secure the stage II payment of $1 million.

New Age’s board has determined that no other regulatory or shareholder approvals are required prior to completion.

READ: New Age Exploration raising $940,500 to advance UK, New Zealand projects

New Age owns 100% of the Otago Pioneer Quartz Gold Exploration Project on the South Island of New Zealand.

The project hosts the historical Otago Pioneer Quartz Gold Mine.

New Age also owns the Lochinvar Coking Coal Project located on the Scottish-English border.

The project consists of two adjacent exploration and conditional underground mining licences known as Lochinvar and Lochinvar South.

In March 2017, an updated scoping study was produced valuing a low-cost, long wall coking coal mining operation at US$410 million.

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