Canterra Minerals (CTM.V) is fully focusing on its base metals (and gold) projects in Newfoundland as the company just announced the sale of its diamonds property to Star Diamond (DIAM.TO). The latter will issue 17.5 million shares to Canterra Minerals for a total consideration of C$1.13M. This implies a deemed price of just under C$0.065 per share of Star Diamond. Canterra will also receive a 1% NSR on the property.
All 17.5M shares are subject to a four month hold period, while about half of the shares are subject to a twelve month lock-up period.
Disclosure: The author has a long position in Canterra Minerals. Canterra is a sponsor of the website. Please read the disclaimer.
