Star Minerals says conditions met for copper-gold project sale to Catalyst Metals

The news: Star Minerals’ conditions for the sale of its West Bryah copper-gold project to Catalyst Metals have been met for the total price consideration of $2.75 million.

The context: The sale is comprised of $1 million in cash value and 230,536 shares of Catalyst Metals. Catalyst will also take an additional $1 million strategic placement in Star Minerals, making it a substantial stakeholder with a 6.59% stake in the company. The placement was completed at an issue price of 62 cents per share.

What they said: “The sale of the company’s non-core West Bryah copper-gold project provides additional, non-dilutionary cash to enable us to progress the Tumblegum South Gold Project and develop new opportunities,” Star Minerals CEO Ashley Jones said.