Iberian Minerals Completes Sale of Alberta-1 Project for $7 Mr. Greg Pendura reports
IBERIAN MINERALS COMPLETES SALE OF ALBERTA-1 PROJECT FOR $7 MILLION
Iberian Minerals Ltd. has closed the sale of its 100-per-cent interest in the Alberta-1 project. The details of the definitive purchase-and-sale agreement with an arm's-length third party were previously announced on March 2, 2015. The company received final approval on the sale from the TSX Venture Exchange on July 9, 2015, and is pleased to report that it has received the final instalment of two million euros for a total cash price of five million euros, or approximately $7-million.
Iberian's divestiture of the Alberta-1 project is aligned with its strategy to build a portfolio of highly prospective advanced precious and industrial metal projects throughout Spain's Iberian Peninsula by utilizing the company's connections in Spain to obtain early exposure to projects.
"The sale of Alberta-1 further strengthens Iberian's balance sheet and improves our financial flexibility as we evaluate additional Spanish resource assets," commented Greg Pendura, president and chief executive officer.