The Prospector News

Alternative Earth Resources to Sell Project Assets to Ormat

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

 

 

 

 

 

Alternative Earth Resources Inc. (TSX-V:AER) is pleased to announce that it has signed a definitive Purchase and Sale Agreement with Ormat Nevada Inc. whereby Ormat will purchase AER’s Crump Geyser (50% interest) and North Valley geothermal project assets, and obtain an option, exercisable over a four year period, to purchase certain of AER’s New Truckhaven geothermal leases for cash payments totaling US$1,500,000. The sum of US$1,490,000 is to be paid on closing of the transaction, and a further $10,000 is payable if and when Ormat exercises the lease purchase option.

 

AER has received a US $50,000 non-refundable deposit in respect of the PSA, and the transaction is subject to the approval of AER shareholders at a Special Meeting to be held on August 22, 2014, and the acceptance of the TSX Venture Exchange. The PSA, if approved, is expected to close on or about August 27, 2014.

 

 

AER had cash and cash equivalent assets of US$1.2 million as of March 31, 2014. If the approvals are obtained and the transaction closes, the benefits to accrue to AER include: an additional US$1,490,000 to the treasury; free up cash of US$175,000 that is currently pledged for geothermal well bonds; remove a liability for geothermal well abandonment costs of approximately US$450,000; and eliminate on-going geothermal lease payment obligations.

 

 

About Alternative Earth Resources Inc.

 

Alternative Earth Resources Inc. is contemplating a change of its business focus from renewable energy to mineral resource development. With its projected strong cash position and greatly reduced overhead, the Company plans to pursue mining project acquisitions and/or merger opportunities.

 

Posted August 7, 2014

Share this news article

MORE or "UNCATEGORIZED"


Libero Options the Esperanza Porphyry Copper-Gold Project - Drilling Includes 232 Metres of 1% Cueq from Surface

Libero Copper & Gold Corporation (TSX-V: LBC) (OTCQB: LBCMF) ... READ MORE

January 26, 2021

Goldshore Resources to Acquire Moss Lake Gold Project from Wesdome Gold Mines Ltd., Creating New Canadian Gold Development Company

Goldshore to Complete Concurrent $25 Million Equity Financing &am... READ MORE

January 26, 2021

Group Eleven Intersects Up To 8.7% Zinc and 3.3% Lead (12.0% combined) in Step-Out Drilling at Stonepark, Ireland

Group Eleven Resources Corp. (TSX-V: ZNG) (OTC: GRLVF) (FRA: 3GE)... READ MORE

January 26, 2021

SRG MINING INC. AND SPROTT PRIVATE RESOURCE LENDING II (COLLECTOR), LP ANNOUNCE USD$7.5M CONVERTIBLE SENIOR FINANCING IN SUPPORT OF SRG’s BID FOR NORTH AMERICAN LITHIUM INC.

SRG Mining Inc. (TSX-V: SRG) is pleased to announce that i... READ MORE

January 26, 2021

Pucara Gold Reports on its First Drill Campaign at Lourdes Gold Project in Peru

Highlights Drilling results confirmed presence of gold mineraliza... READ MORE

January 26, 2021

Copyright 2021 The Prospector News