Laneway Resources Ltd. (AU:SVG) has released an update.
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Laneway Resources Ltd. has successfully negotiated the sale of its stake in Renison Coal Pty Ltd, owner of the Ashford Coking Coal Project, to Clara Resources Australia Ltd. for $3.95 million, plus ongoing royalties. The deal enhances shareholder value by providing immediate cash, shares in Clara, and future payments tied to project milestones, while allowing Laneway to concentrate on its core gold mining operations. Savannah shareholders maintain interest in the coal project’s prospects through a 19.5% stake in Clara and a per-tonne royalty on future coal sales.
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