PMA sells 9.9% of Windimurra for $13.5m

West Perth-based mineral explorer Precious Metals Australia Ltd has received $13.5 million from the sale of a 9.9 per cent interest in subsidiary Windimurra Vanadium Pty Ltd to Noble Resources Ltd.

The full text of a company announcement is pasted below

Precious Metals Australia Ltd is pleased to announce that Noble Resources Ltd has completed its direct investment in the Windimurra Vanadium Mine by taking a 9.999 per cent interest in Windimurra Vanadium Pty Ltd, the special purpose company that owns the Windimurra assets. The purchase consideration of $13.5 million has been received.

In addition to the direct investment in Windimurra, the Company is now able to call at any time on three year, unsecured convertible note worth $8.2 million. A condition precent to drawing upon this convertible note was the completion by Noble of due diligence on Windimurra, which Noble formally advises has been favourably completed.

The investment by Noble in Windimurra provides additional funding for the development of the project, which the Company is continuing to advance at a rapid pace.