Last Updated : 12 January 2010 at 23:35 IST
Ecometals Ltd sells stake in Condormining Corp
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The company today announced that it has entered into an agreement with Alca Gold Limited for the sale of Ecometals' entire holding of shares in Condormining Corporation S.A. which represents 90% of the issued and outstanding shares of Condormining.
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In addition to the sale to Alca of its shares in Condormining, Ecometals has also agreed to sell its entire shareholding shares in Condorview S.A., which shareholding represents 90% of the issued and outstanding shares of Condorview. The remaining 10% carried interest in Condormining and 10% of Condorview is held by Holding DINE SA, which is in turn controlled by a military affiliated office of the state of Ecuador.
Condor and Condorview are subsidiary companies of Ecometals and hold mineral rights, surface rights and physical assets of the Condor Gold Project in southern Ecuador. The aggregate purchase price for the sale by Ecometals of its shares in Condor and Condorview is USD 9,000,000 and shall be satisfied in cash by the Purchaser at Closing. Closing of the Transaction is scheduled to be on or before the 25th January 2010.
(With inputs from Marketwire)
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