Strike Resources (ASX:SRK) obtains shareholder approval for $20.5M sale of Paulsens East Iron Ore Project

Strike Resources gained shareholder approval for the $20.5 million sale of its Paulsens East Iron Ore Project to Miracle Iron.

The transaction, involving the sale of 100% shares in subsidiary Strike Iron Ore, is set to conclude on March 8, with all agreement conditions fulfilled.

Strike Resources will receive $18 million at completion, with an additional $2 million already paid in December 2023 and a deferred $500,000 by June.

The company plans to use part of the proceeds to settle a US$7.2 million ($11 million) loan to Good Importing International.