Geodex Shareholders Approve Sale

Geodex Minerals (TSXV:GXM,FWB:G2W) announced shareholders approved the sale of its 30% interest in the Sisson tungsten-molybdenum project in New Brunswick, Canada.

As quoted in the press release:

As announced on April 18, 2012, Geodex agreed to sell its 30% interest in the Sisson Tungsten-Molybdenum Project to Northcliff Resources Ltd. (“Northcliff”) (TSX:NCF), its joint venture partner on the project. The consideration is comprised of 16,003,700 common shares of Northcliff, $1 million in cash and the return to Geodex for cancellation of 3,333,333 Geodex common shares that Northcliff purchased in 2010. The Northcliff common shares received by Geodex will be distributed to its common shareholders by way of a reduction of capital and on the basis of 0.145 Northcliff shares for each Geodex share owned, as previously announced.

Click here to read the Geodex Minerals (TSXV:GXM) press release.