Ecometals Announces Sale of Non-Core Iron Exploration Assets in Brazil; Shares Down 20%
Ecometals Limited (EC.V) announced that its wholly owned Bermudan subsidiary, Noble Mining Ltd. has entered into an agreement with a group of investors for the sale of Noble's entire holding of shares in its wholly owned Bermudan subsidiary Ironman Ltd.
Ironman is the 99% shareholder of Ecometals Ferro do Amapa Ltda, a Brazilian company which holds iron exploration rights in Amapa, Brazil.
The purchase price includes the assumption of $130,000 in debt at Ironman and EFAL, and two cash payments of $200,000.
EC shares were down half-a-cent at $0.02.
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