Fulcrum Metals signs letter of intent to sell Tully Gold property
Why we think this is neutral
The RNS announcement does not contain any of the mandatory news types, such as contract news, order news, trading update, financing, funding, annual results, asset sale/disposal, flow testing, licence news, or delisting. Therefore, the sentiment is considered neutral.
Key Points
- Fulcrum Metals plc signs letter of intent to sell 100% interest in Tully Gold Project to Loyalist Exploration Limited
- Cash payment of CA$500,000 and 19.9% equity stake in Loyalist to be issued to Fulcrum
- 2% net smelter royalty granted to Fulcrum with CA$1,000,000 buy-back option
- Potential future milestone payments of CA$100,000 cash and 30 million Loyalist shares
Summary
The mining company has signed a letter of intent to sell its Tully Gold property in Ontario, Canada.
Fulcrum Metals plc (LON: FMET) has signed a binding letter of intent with TSX Venture Exchange listed Loyalist Exploration Limited for the sale of the Company's 100% interest in the Tully Gold Project in Timmins, Ontario. The transaction includes a cash payment, the issuance of Loyalist shares, and a net smelter royalty, with potential future milestone payments.
GENERAL UPDATE