Mineral explorer, Platina Resources Limited (ASX: PGM), has signed an agreement with Canadian exploration company Eastern Zinc Corporation (CSE:EZNC) for the sale of its 100% owned Skaergaard palladium and gold project in Greenland. The deal is expected to create more than AUD 8.3 million in value in the project, holding potential to be one of the world’s most advanced palladium projects and requiring substantial financial and technical resources.
Under the deal, PGM will receive CAD 0.5 million in cash and CAD 7.15 million worth of EZNC shares. Following the deal completion, the Company will become a major shareholder in Eastern with a right to a Board seat.
The PGM stock was trading at AUD 0.026, up 4% at AEST 12.05 PM, after touching a midday high of 12% on 1 June 2020.
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