Strike Resources (ASX:SRK) sells Paulsens East Irone Ore Project, gains $20.5M cash boost

Strike Resources completed the Paulsens East Iron Ore Project sale, generating a $20.5 million cash windfall.

The sale involved transferring all shares in Strike Iron Ore Holding, its subsidiary, to Miracle Iron Holdings.

The transaction bolstered Strike's liquidity and enabled the company to settle a US$7.2 million ($10.9 million) loan with Good Importing International, reducing its debt.