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Meteoric Resources completes sale of Canadian nickel-copper projects to Rafaella

The company has sold the Midrim and LaForce projects for 13.05 million shares in Rafaella Resources, worth around $1,174,500 based on the trading price of 9 cents per share.

Meteoric Resources NL - Meteoric Resources completes sale of Canadian Nickel-Copper Projects
The sale will allow the company to focus on its Western Australian and Brazilian Gold Projects

Meteoric Resources NL (ASX:MEI) has completed the sale of its Canadian nickel-copper projects, Midrim and LaForce, for consideration of 13.05 million shares in Rafaella Resources Ltd (ASX:RFR).

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.

Upside exposure

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.”

Quick facts: Meteoric Resources NL

Price: 0.07 AUD

ASX:MEI
Market: ASX
Market Cap: $91.92 m
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