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Alderon Iron Ore Corp AXXDF

Alderon Iron Ore Corp is a Canada based development-stage company. It is conducting iron ore evaluation activities related entirely to its Canadian properties located in western Labrador in the province of Newfoundland and Labrador. The company's operating segment is the acquisition, exploration, and evaluation of mineral resources. Its flagship project is the Kami Iron Ore project located in the Labrador Trough.


GREY:AXXDF - Post by User

Post by Darock13on Apr 01, 2021 5:28pm
364 Views
Post# 32925284

Kami

Kami

MONTRAL, April 1, 2021 /CNW/ - Champion Iron Limited (TSX: CIA) (ASX: CIA) ("Champion" or the "Company") announces that it has completed the acquisition, announced on November 16, 2020, of the mining properties of the Kamistiatusset iron ore project (the "Kami Project") located in the Labrador Trough geological belt in southwestern Newfoundland, near the Qubec border, and certain related contracts (the "Acquisition") pursuant to an asset purchase agreement among certain affiliates of the Company and Deloitte Restructuring Inc. (the "Receiver"), as receiver for Alderon Iron Ore Corp. ("Alderon") and certain of its affiliates for a consideration consisting of $15 million in cash, the extinguishment of approximately $19.4 million in secured debt of Alderon and certain of its affiliates (the "Secured Debt") and an undertaking in favour of the Receiver to make a finite production payment on a fixed amount of future iron ore concentrate production from the Kami Project (the "Acquisition").

In connection with the Acquisition, Champion purchased the Secured Debt from Sprott Private Resource Lending (Collector), LP ("Sprott") for an aggregate consideration of 4.2 million ordinary shares of Champion (the "Consideration Shares") issued to Sprott and Altius Resources Inc., who held a participation in the Secured Debt.

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