Marquee Resources (ASX:MQR) and its joint-venture partner Global Energy Metals (GEMC) have completed the sale of the Werner Lake Cobalt Project to High-Tech Metals (ASX:HTM).
The sale involved a $50,000 cash payment to GEMC and the issue of 3,250,000 fully paid ordinary shares in High-Tech shares to the Vendors, with GEMC receiving 2,500,000 Shares and Marquee receiving 750,000 shares.
Marquee Resources has also received 300,000 Founding Shares at a minimal cost of $0.0001 ($30).
Additionally, Marquee will receive 500,000 options exercisable at $0.25 each and expiring three years from High-Tech's admission to the official list of the ASX.
High-Tech Metals has raised a total $4,718,000 through its Initial Public Offer prospectus and has issued 23,590,000 shares under the IPO offer.
Following the announcement, shares of Marquee Resources were down 5%.