Gold producer Pantoro (ASX:PNR) agreed to sell the Halls Creek project in Western Australia to Kimberley Minerals Group for AU$8 million, according to a Thursday filing with the Australian Securities Exchange.
The total consideration will be paid in tranches over two years, with AU$3 million payable on completion, AU$2 million payable 12 months upon completion, a further AU$2 million payable 24 months upon completion, and a 1% royalty capped at AU$1 million starting 24 months after completion, the filing said.
The sale will boost the company's financial position as it expands works on its Norseman project, according to the filing.
Company shares rose 4% in recent trade.
Price (AUD): $0.12, Change: $+0.0050, Percent Change: +4.35%
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