Australian manganese developer Element 25 (ASX:E25) has announced the completion of the sale of its Holleton project has now completed. The deal earned Element 25 AU$1 million.

As quoted from the press release:

Pursuant to the sale agreement, EMO has acquired 100 percent of the Holleton project. E25 has received AU$1 million in cash and a 1 percent NSR on all future production from the Holleton project.

The company is pleased with the outcome of this transaction. The cash will provide important working capital whilst the royalty ensures that shareholders will benefit from future exploration success as EMO and RMS roll out their exploration programmes. This transaction represents an important incremental step in the company’s stated strategy to rationalise its project portfolio to allow the technical team to focus on the high purity manganese business at Butcherbird.

Click here to read the full announcement