GPM Metals (TSX:V.GPM, Stock Forum), a Toronto-based mineral exploration and development firm, announced today that the company had entered into a non-binding letter of agreement to sell its interest in two gold exploration properties located in Guyana.
According to the news release, the sale, including the interest of GPM in all property, assets and rights ancillary to the properties, was made to Bartica Investments for an aggregate cash payment of $650,000 where $350,000 was to be paid to GPM on the closing date of the sale with the remaining $300,000 coming on or prior to the first anniversary of the closing date of the transaction.
The transaction is still subject to certain closing conditions, including the creation of a definitive agreement, shareholder approval and regulatory approval by the TSX Venture Exchange.
The release went on to note, “The Sale Transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 of the TSXV Corporate Finance Manual, because the Purchaser is a company in which Patrick Sheridan, an officer, director and significant shareholder of the Corporation, holds an interest.”