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An announcement from Sorrento Resources Ltd. ( (TSE:SRS) ) is now available.
Sorrento Resources Ltd. and Naughty Ventures Corp. have revised their strategic option agreement, allowing Sorrento to acquire up to 100% interest in the Bottom Brook rare earth element property in Newfoundland. This agreement positions Sorrento as the operator responsible for exploration activities and allows them to accelerate the option exercise by fulfilling financial and share issuance obligations. The agreement’s closing is contingent on Sorrento securing a minimum of $3,000,000 in financing and obtaining necessary approvals, potentially enhancing Sorrento’s market position in the rare earth element sector.
More about Sorrento Resources Ltd.
Sorrento Resources Ltd. is engaged in the acquisition, exploration, and development of mineral property assets in Canada, focusing on precious, rare-earth elements, gold, and base metal properties. Their projects include the Bottom Brook REE Project, Rodgers Cove Gold, and the Harmsworth VMS project, all located in Newfoundland.
Average Trading Volume: 59,228
Technical Sentiment Signal: Buy
Current Market Cap: C$8.25M
See more insights into SRS stock on TipRanks’ Stock Analysis page.