The Conversation (0)
Quaterra Resources (OCTQX:QTRRF) announced it had agree to sell its US subsidiaries interest in three non-core copper and molbydenu assets to Freeport-McMoRan Mineral Properties for $5 million. Quaterra would also issue 19 million share purchase warrants to Freeport.
According to the press release:
Of the US$5 million Purchase Price, US$1 million is to be paid upon closing with the balance payable in US$500,000 tranches (subject to adjustment in certain circumstances) every quarter commencing January 1, 2015. The 19 million warrants are exercisable for five years with 20% vesting on the closing date and 10% vesting upon each quarterly payment of the balance of the Purchase Price
Thomas Patton, Quaterra chairman, said:
This transaction provides assured funding for Quaterra’s working capital through cash and potential warrant exercises that are not immediately dilutive.
Click here to read the Quaterra Resources Inc. (OCTQX:QTRRF) press release.
QTA:CA