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Strateco Resources agreed to a deal which will see a nearly 20 percent interest sold to Toro Energy.
Strateco Resources agreed to a deal which will see a nearly 20 percent interest sold to Toro Energy.
According to Mining Weekly:
Under the terms of the deal, Sentient had agreed to subscribe for 125-million new fully paid Toro shares, at a price of A$0.08 each, for an investment of A$10-million.
In exchange for a further 236.5-million new shares, Toro acquired a 19.8% interest in Strateco, a C$3-million senior secured loan receivable in Strateco, C$14.1-million junior secured convertible notes in Strateco and certain other interests from Sentient.
Guy Hebert, president and CEO of Strateco, said:
We see the arrival of Toro as major shareholder of Strateco as a very positive development. Toro has shown clear interest in the Matoush project, as well as in SeqUr’s uranium projects in Saskatchewan. Toro’s experience going through permitting [for] the Wiluna project, in an area formerly under moratorium, will certainly be an asset for Strateco.