Heliostar Metals Closes Sale of Minority Interest in Newman Todd Project
Heliostar or the Company ) is pleased to announce that it has completed the previously announced sale of its16.5% interest in the Newman Todd property to Trillium Gold Mines Inc.(TSXV:TGM) ( Trillium ).
The terms of the sale were set out in a purchase agreement between Heliostar and Trillium dated as of November 24,2020, pursuant to which Heliostar agreed to sell its 16.5% interest inconsideration for $700,000 cash and 650,000 Trillium common shares issued from treasury. In addition, if at any point after closing there should be 1,000,000 or more ounces of gold in measured and indicated reserves and resources on the Newman Todd property, Trillium has agreed to make an additional C$1,000,000 cash payment to Heliostar.