Kirkland Lake's GLR Resources Inc. announced it has signed a purchase and sale agreement with Linear Gold Corporation, where GLR will sell a 100 per cent of its interests in the Goldfields Mine Project, located near Uranium City, Sask.
The sale of the Goldfields Mine Project includes the Box and Athona deposits.
The transaction will close following receipt of court approval and the settlement of obligations to the GLR Resources creditors. Upon closing, GLR will receive US$5 million, in cash, and 727,273 common shares of Linear having a deemed value of $800,000. In addition and upon delivery of previously contracted plant and equipment, Linear will reimburse GLR for deposits made with its suppliers of the contracted plant and equipment in the amounts of US$3 million and $1.2 million.
GLR will soon proceed toward obtaining a listing on the Canadian National Stock Exchange to afford its shareholders a market in which to trade in the shares of the company.
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