OTTAWA (dpa-AFX) - UC Resources Ltd. (UC.V) announced that it received final approval on the sale of its interest in the McFaulds Lake area property from the TSX Venture Exchange and closed the sale. In its letter to UC, the TSX Venture Exchange further advised that a bulletin will be issued upon notification from the Company of the closing of the transaction on January 6, 2012.
On November 10, 2011, UC Resources announced that it had entered into a definitive agreement with Freewest Resources Inc. , a wholly owned subsidiary of Cliffs Natural Resources Inc. (CLF), for Freewest to acquire 100% of the UC owned 55% Joint Venture Interest in the McFaulds Lake area property , subject to and in accordance with the Joint Venture Agreement dated as of July 26, 2011 between KWG Resources Inc. Cliffs Chromite Far North Inc., a wholly owned subsidiary of Cliffs, and UC Resources.
Under the Purchase Agreement, the purchase price payable to UC was C$6 million, payable by deposit of $850,000 on the signing date followed by the balance on the closing date. The deposit amount of $850,000 was received by the Company from Freewest on November 9, 2011, and, because of the pre-emptive right exercised by Cliffs Chromite Far North Inc., the balance of $5.15 million was received by the Company from Cliffs Chromite Far North Inc. on January 6, 2012. The transaction is now closed.
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