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Formation Metals Inc. (TSX:FCO) entered into a share purchase agreement, to sell all of the shares of its indirect wholly-owned subsidiary Formation Metals, U.S., whose primary asset is the Sunshine Precious Metals Refinery , to Silver Opportunity Partners LLC, a wholly owned subsidiary of Sunshine Silver Mines, for US$12 million.
As quoted in the press release:
The Sale is expected to conclude on or before October 10, 2013. A US$500,000 deposit has been placed in escrow by SSM and is non-refundable in the event that SSM breaches the contract and causes the Sale not to conclude.
Click here to read the Formation Metals Inc. (TSX:FCO) press release
Click here to see the Formation Metals Inc. (TSX:FCO) profile.
