-- First Atlas Resources (HHE.CN) on Tuesday said it agreed to sell a 100% interest in its MacKenzie East Claims located in the Val-d'Or gold camp, Quebec, to LaFleur Minerals (LFLR.CN) in a cash and stock deal.
LaFleur will buy the property in exchange for $30,000 in cash, and 175,000 shares of LaFleur Minerals. The cash portion is payable within 48 hours of execution of the agreement, the company said.
The share consideration will be issued upon receipt of exchange acceptance or, if not required, within five business days following closing of the deal. The property consists of 46 mineral claims covering about 1,781 hectares.
The deal allows First Atlas to monetize a non-core asset while retaining exposure to the upside of the Val-d'Or region through its equity interest in LaFleur, it added.
Shares of First Atlas were last seen down $0.005 to $0.10 on the Canadian Securities Exchange.