Tusker Minerals sells unit for $3.9 million

• Tusker Minerals has completed the sale of its subsidiary Green Exploration to AuKing Mining.
• The deal provided $800,000 cash and 40 million AuKing shares, with up to $3.05 million in deferred cash and performance shares to follow.
• Tusker Minerals sold the asset to secure non-dilutive funding to focus on its titanium mineral projects in Cameroon.

Tusker Minerals (ASX:TSK) has completed the sale of its wholly-owned subsidiary Green Exploration to AuKing Mining (ASX:AKN).

The completion comes after the two parties entered into a binding share sale agreement on Aug. 18.

"Completion of the GEL sale to AuKing delivers non-dilutionary funding to the company and leaves Tusker focused on its highly prospective rutile and HMS projects in Cameroon," said Tusker Minerals Chairman Daniel Smith.

Under the deal terms, Tusker received $800,000 cash and 40 million AuKing shares issued at $0.025 each, with $50,000 payable within 90 days, $1,250,000 due in one year, and up to $1,750,000 in performance shares tied to resource hurdles over three years.

Tusker stated that the transaction cash will fund its exploration work without diluting existing shareholders.

Following the announcement, the Tusker Minerals share price was unchanged at $0.052.

Tusker retains the Mzimba rutile asset while maintaining secondary exposure to the Machinga project through its equity stake in AuKing.

The company continues to advance its core portfolio of heavy mineral sands and natural rutile projects across Cameroon.