Source: White Cliff Minerals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • White Cliff Minerals (WCN) terminates its agreement to purchase Midway Resources from Grand Port Resources
  • The company signed the agreement to purchase Midway and its three mining projects in New Zealand earlier this year
  • White Cliff stopped the purchase to focus on its highly prospective Reedy South gold project
  • On the market this morning, White Cliff is in the grey and trading at 1.5 cents per share

White Cliff Minerals (WCN) has terminated its agreement to purchase Midway Resources from Grand Port Resources.

Earlier this year, the company signed an agreement to purchase Midway, which would see it gain access to three mining projects in New Zealand.

White Cliff has stopped the purchase to focus on its highly prospective Reedy South gold project.

The company has reached a mutual agreement with the shareholders of Midway.

Under the mutual agreement, Midway will reimburse White Cliff $15,000, a portion of the exclusivity fee.

Additionally, if Midway achieves a listing, White Cliff will be entitled to one per cent of the consideration received by the vendors of Midway.

Due to the termination, the shareholder meeting to be held tomorrow, July 23, will not go ahead.

White Cliff is continuing its Reedy South exploration activities and is expecting soil sampling results in the coming weeks.

On the market this morning, White Cliff is in the grey and trading at 1.5 cents per share at 10:08 am AEST.

WCN by the numbers
More From The Market Herald

" TechGen Metals (ASX:TG1) completes maiden RC drill program at John Bull

TechGen Metals (ASX:TG1) has completed its maiden exploration reverse circulation (RC) drilling program at its John…
Golden Rim Resources (ASX:GMR) - Managing Director, Craig Mackay

" Sale of Golden Rim Resources’ (ASX:GMR) Burkina Faso Gold assets falls through

Golden Rim Resources (ASX:GMR) has lost the potential to make $22.3 million after a deal to…

" Caprice Resources (ASX:CRS) intersects shallow gold at Island Gold Project

Caprice Resources (ASX:CRS) intersects shallow gold mineralisation at its first reverse circulation drilling program at the…

" Heavy Minerals (ASX:HVY) receives “favourable” metallurgy results for Port Gregory

Heavy Minerals (ASX:HVY) has received "favourable" metallurgical results from IHC Mining for its Port Gregory Garnet…