Panoramic Resources Ltd’s (ASX:PAN) wholly owned subsidiary Magma Metals and Regency Gold Corp have signed a share purchase agreement (SPA) under which Magma has agreed to sell to Regency all of the shares in PAN PGMs Canada.
PAN PGMs is the 100% owner of the Thunder Bay North PGM Project in Northern Ontario, Canada.
Panoramic and Benton Resources Inc. of Canada have agreed to terminate their agreement as Benton has assigned its rights under the agreement to Regency.
The terms of the sale have not changed materially from those previously announced.
The purchase price remains at C$9 million in cash payable as follows:
- A deposit of C$250,000 on signing the SPA;
- C$4,250,000 on completion of the sale
- C$1,500,000 on the first anniversary of completion of the sale
- C$1,500,000 on the second anniversary of completion of the sale;
- C$1,500,000 on the third anniversary of completion of the sale.