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Pelican Resources executes sale of Philippine-based unit Sibuyan Nickel

Pelican Resources Ltd. said Oct. 7 that it executed the sale of its subsidiary Sibuyan Nickel Properties Development Corp., owner of the Romblon nickel project in the Philippines, for A$270,000.

The buyers are Dynamo Atlantic Ltd. and Dynamo Atlantic Holdings Philippines Inc., which will be assigned all rights, title and interest, with all interest that has been accrued or may accrue in the future on related party loan liabilities in respect of funds advanced to Sibuyan for its working capital requirements for consideration of A$3.3 million.

There is no royalty payable to the vendor on any future revenue from the Romblon project operations.