Korab Resources Limited (AU:KOR) has released an update.
Korab Resources Limited has announced the sale of their Geolsec mineral lease ML27362 to Leka II Shipping Limited for $4.35 million plus royalties, with the deal subject to shareholder and regulatory approval. The mineral lease, part of the non-core Rum Jungle Project, is located near Darwin, Northern Territory, and its proceeds will go towards retiring debt, working capital, and further project exploration and development. Korab has conducted due diligence on Leka’s operations and financial capabilities, ensuring a smooth transaction projected to complete within 120 days.
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