07:20 AM EDT, 06/17/2024 (MT Newswires) -- Cornish Metals ( SBWFF ) on Monday agreed to sell its 100% stake in the Nickel King and Opescal Lake properties in the Northwest Territories to Northera Resources for up to $8 million.

Northera will make a $100,000 cash payment to Cornish Metals ( SBWFF ) within five days of the signing the deal. Within 95 days of the signing, Cornish Metals ( SBWFF ) will transfer to Northera the legal and beneficial title to the mining leases and mineral claims of the Nickel King and Opescal Lake properties and Northera will pay $900,000 in cash. Northera will also issue $7 million in shares to Cornish Metals ( SBWFF ).

"The sale of Nickel King aligns with Cornish Metals' ( SBWFF ) objective to focus its efforts on advancing its 100% owned and fully permitted South Crofty tin project in the U.K. towards a construction decision," said Ken Armstrong, interim CEO and director of Cornish Metals ( SBWFF ).

Cornish Metals ( SBWFF ) at last look traded 6.1% higher at 6.90 British pounds at mid-morning in London.