Based on the last trading price of Rafaella being 9 cents per share on November 6, 2020, the sale of the Midrim and LaForce projects is valued at $1,174,500.
The company considers that the sale, in addition to securing excellent value for Meteoric shareholders of non-core assets, provides the company with upside exposure to not only Rafaella’s exploration successes at Midrim and LaForce, but across the entire Rafaella portfolio.
Meteoric managing director Andrew Tunks said: “As I stated when we announced the deal, this is a fantastic result for Meteoric.
“With our focus being on our highly prospective Western Australian and Brazilian gold projects, we did not have the bandwidth to properly explore the Midrim and LaForce projects, so we are thrilled to have entered into an agreement with Rafaella which is in a better position to further these projects.
“Additionally, through the nature of the sale our shareholders will benefit from Rafaella’s future success.”