Sudbury Platinum Corporation (SPC) and Transition Metals Corp. have completed their purchase of 100% interest in the Aer-Kidd project from CaNickel Mining (TSX:CML). The transaction was completed for a cash payment of $1.25 million.
As quoted in the press release:
Consequently, the underlying option agreement dated October 1, 2012 that had required SPC to spend $10.0 million to earn a 70% interest was terminated. SPC is a private company of which Transition Metals Corp (XTM – TSX.V) owns 57%.
SPC CEO and Transition president and CEO, Scott McLean, said:
The purchase of 100% of the mineral rights to the Aer-Kidd property is a significant milestone that, when combined with Sudbury Platinum’s option to purchase the surface rights, establishes full control of the property for the Company. We are now focused on executing a significant drill program that will test the highly prospective targets we have generated below the historic mine workings on the Property.