Stock of Platina Resources Limited (ASX:PGM) traded 9.302 per cent higher at AUD 0.047 on 29 October 2020 at AEST:1:07 PM, post announcing the Skaergaard Project sale update.
Canadian-listed Major Precious Metals Corp (CSE: SIZE) has secured approval from the Canadian Securities Exchange (CSE) to complete the acquisition of the Skaergaard Project in escrow pending their final approval.
Major has issued the consideration shares and deposited the cash payment to be made to Platina Resources in a segregated account. These will be held in escrow and not released to the Company until CSE provides its final approval.
Once released from escrow, Platina will receive AUD 0.52 million in cash and 55 million Major shares, which represents AUD 14.6 million in value based on the last traded price of C$ 0.25 cents per share.