Rochester, NY 8/11/2009 3:04:23 AM
Teck Resources Limited , TCK - Teck Recently Announces Company’s Proposed Sale of Morelos Gold Project
Teck Resources Limited
Teck Resources Limited announced that it has entered into an agreement with Gleichen Resources Ltd. for the sale of Teck's indirect 78.8% interest in the Morelos gold project in Mexico for US$150 million in cash plus Gleichen common shares that will constitute 4.9% of Gleichen's issued and outstanding shares as at closing.
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Completion of the transaction is subject to a financing condition in favour of Gleichen, to completion of legal and financial due diligence, and to other customary terms and conditions. Teck expects the transaction to close in the fourth quarter.
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