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Diatreme Resources Limited ( (AU:DRX) ) just unveiled an update.
Diatreme Resources Ltd has entered into a Share Sale Agreement with Moonlight Resources Limited to sell all outstanding shares in its subsidiaries, Chalcophile Resources Pty Ltd and PGE Minerals Pty Limited, which own the Clermont Project. As part of the transaction, Diatreme will receive 16,250,000 ordinary shares in Moonlight valued at $3,250,000 and a cash payment of A$250,000. Additionally, Diatreme shareholders are offered a priority share offer in Moonlight’s IPO, with incentives for participation. This move allows Diatreme to focus on its core silica assets while retaining an interest in the future development of the Clermont Project.
More about Diatreme Resources Limited
Diatreme Resources Ltd is a developer and explorer in the silica sands industry, focusing on the development of its extensive silica assets portfolio. The company is currently transitioning through final permitting and approvals for these assets.
Average Trading Volume: 1,209,341
Technical Sentiment Signal: Sell
Current Market Cap: A$95.16M
Find detailed analytics on DRX stock on TipRanks’ Stock Analysis page.