Union Star Metals sells Brazilian portfolio for $200,000
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- Union Star Metals executed a binding agreement to sell 100% of Scanty Mineração.
- Union Star received $300,000 in milestone payments.
- The divestment completes portfolio rationalisation to focus entirely on US gold and silver projects.
Union Star Metals (ASX:USM) has agreed to sell its Brazilian rare earth subsidiary for $200,000 in upfront cash.
This deal follows previous portfolio changes, including selling the Leonora Gold Project and optioning the Kalgoorlie Project.
Buyer Harvest Minerals will also issue 40,000,000 ordinary shares to Union Star upon transaction completion.
Harvest will further assume $1.5 million in deferred acquisition payments and royalty obligations owed to original vendors.
Following the announcement, the Union Star Metals share price was down at $0.009.
Union Star stated the divestment completes the rationalisation of its legacy assets.
The business is now focused on advancing its prospective gold and silver projects in Nevada and Idaho.
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