Platina Resources receives final US$2 million from Owendale sale
Key points
- Platina receives final US$2 million payment from Rio Tinto
- Total proceeds from the sale amount to US$14 million
- Funds will be used for exploration in Western Australia
Full summary
Platina Resources Limited (ASX: PGM) has completed the financial consideration from the sale of its Owendale Scandium Project to Rio Tinto, receiving the final US$2 million payment. This brings the total proceeds from the transaction to US$14 million, comprising upfront consideration, milestone payments, and a warranty retention payment. The funds will be used to finance exploration activities in Western Australia, specifically targeting gold projects in the Laverton district.
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