A total consideration of $5 million to be paid to NAE progressively with the first $2 million settlement scheduled for 30 May 2019 and the next $1 million on 29 November 2019.
New Age’s executive director Joshua Wellisch said: “NAE and SML have worked closely together to prepare final documentation for SML’s purchase of NAE’s 50% holding in Cornwall Resources Limited.
“The transaction will provide NAE with a strong financial position to focus on the development of its existing suite of projects and assess new opportunities that establish shareholder value.”
Last month, New Age was granted an exploration licence, conditional mining licence, and option agreement at the Lochinvar Coal Project in the UK.
The new area, which was mined from the mid-1800s is known as Lochnivar North and adjoins to the north and east of the existing Lochinvar Licence.
A work program initially aimed at defining a JORC resource has been planned.