Stroud Resources Announces Agreement to Sell Hislop Project

Stroud Resources (TSXV:SDR) has announced that it has entered an agreement to sell its 100 percent interest in its Hislop Project to a private company, Hislop Gold Company for $225,000 in cash and $1.275 million in assumption of debts owed by Stroud to certain shareholders.
Mirsad Jakubovic, president, said:

We are pleased to have reached an agreement which we believe significantly improves the Company’s balance sheet and allowsStroud to focus on developing its silver-gold project in Jalisco, Mexico. 

As quoted in the press release:

The Transaction is expected to close on or about June 30, 2016 and is subject to obtaining various TSX Venture Exchange, regulatory and other approvals and other customary closing conditions. Upon completion of the Transaction, Stroud will also retain a net smelter royalty (“NSR“) of 0.5% which can be purchased by HGCL at for $1,000,000. There is no break-up fee should the Transaction not close and the Company is free to entertain superior offers in respect of the Property.

Click here to read the full press release.