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Noram to repurchase 25% interest in Clayton Valley claims from Alba

Noram Ventures Inc. and its Green Energy Resources Inc. subsidiary entered into a deal with Alba Minerals Ltd. to repurchase a 25% interest that the latter earned in certain mineral claims at the Clayton Valley lithium property in Nevada.

Under the terms, Noram will pay C$400,000 and issue 3.8 million shares to Alba, according to a May 28 release.

Additionally, Alba will have a right to first refusal to participate in any financing that Noram plans to maintain its ownership in the company.

Earlier in the year, Alba renegotiated a lower price to acquire an additional 25% interest in the claims.