Affiliated companies Hardrock Extension (TSE), Geraldton Longlac (CDN) and Ferau Resources (CDN) have entered into agreements whereby Geraldton and Ferau will vend their interests in mining claims to Hardrock in exchange for common shares.
The purpose of the agreements is to consolidate the properties into one corporate vehicle to facilitate the financing of exploration and development programs.
Hardrock will issue almost 6 million shares to Geraldton in exchange for that company’s interest in 86 claims while Ferau will receive over 7.1 million shares in return for Ferau’s interest in 91 mining claims.
Upon closing of the transactions, Geraldton will own 30.1% of the outstanding Hardrock shares and Ferau will own a 34.1% interest in Hardrock.
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