Local IT company Synergy Equities Group has reached a settlement to dispose of the last of its mining assets in a deal it says will allow for a greater focus on its core technology business.
Synergy, which operates an IT infrastructure and data back-up service, held mining interests from its days as Nexus Minerals, which also acquired technology assets.
Nexus Minerals was then run by controversial mining identity Roger Nikolaenko.
Synergy said this week it would dispose its residual mining assets to public unlisted company Meridian Mining, and mining entreprenuer Ron Morellini.
The assets, gold tenements near Coolgardie, have been the focus of a long-running legal dispute. As such, Synergy said the disposal price best reflected the uncertainty of ownership.
Some of the tenements had been the subjects of plaints, lodged by Mr Morellini, for almost four years.
In return for the assets, Synergy will receive $500,000 in a mixture of cash and scrip in Meridian Mining. Synergy said it can now devote its entire resources to technology – the immediate priority being the rollout of Data-inCrypt and sales of its TradeCentre products.
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