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LeadFX closes mining data sale to Valhalla

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hitpaydirt   Wednesday, 12/20/17 12:30:02 PM
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LeadFX closes mining data sale to Valhalla

2017-12-19 16:51 ET - News Release


Mr. Andrew Worland reports

LEADFX SELLS NORTH 67 MINERAL CLAIMS MINING DATA

LeadFX Inc. has closed on a transaction to sell its mining data associated with the mineral claims owned by its 100-per-cent-owned subsidiary, North 67 Inc., to Valhalla Mining LLC.

The total consideration for the sale of the data is $2-million, of which $100,000 in cash has been remitted to LeadFX.

A further $400,000 is due and payable on or before June 8, 2018, in cash or shares in a company listed on the Toronto Stock Exchange, the TSX Venture Exchange, or another recognized exchange or quotation system that owns or controls Valhalla, or to which Valhalla has assigned or granted rights in and to the data.

The remaining $1.5-million consideration is payable in cash or shares within 120 days of the date of commencement of commercial production from the area covered by any of the mineral claims from a mine found, explored or developed by Valhalla using the data.

About LeadFX Inc.

LeadFX is a Toronto Stock Exchange-listed, Australian-based mining company focused on the development of its lead and lead-silver projects located in Australia and North America. The company's primary undertaking is the Paroo Station lead mine. The Paroo Station lead mine is located 30 kilometres west of the town of Wiluna in Western Australia. The company also owns an 83.5-per-cent interest in the Burin mines and surrounding land claims in the Tintic mining district 60 miles southeast of Salt Lake City, Utah, and exploration interests in the Amber mineral belt in Alaska.

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