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Strata Minerals Inc. (TSXV:SMP) announced withdrawal from the Cardabia Joint Venture Phosphate Project in Western Australia. Strata also announced the completion of a debt for equity swap at an agreed price of $0.10 per share.
As quoted in the press release:
Strata also announces that it has withdrawn from the Cardabia Joint Venture Phosphate Project in Western Australia. The Company’s most recent exploration program at the project was completed in June 2013. Estimated annual cost reductions including tenement rates, rents and work commitments are AUD$779,000 (approximately CDN$758,000).
Strata Minerals President and CEO, Jason Bahnsen, said:
The debt for equity swap and reduction of costs associated with the withdrawal from the Cardabia joint venture project will allow the Company to focus on the development of the Diamond Mountain Phosphate Project in Utah and continue to seek additional investment opportunities to enhance shareholder value going forward. The recently completed NI 43-101 compliant technical report, addition of exploration ground and subsequent identification of a high grade surface phosphate deposit announced on November 21, 2014, provide the basis for the next phase of exploration in Utah, for which planning is currently under way.
Click here to read the Strata Minerals Inc. (TSXV:SMP) press release
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