Pele Mountain Resources Inc. (TSXV:GEM, OTCQX:GOLDF) announced that they have sold their Pigeon River project to Zara Resources Inc. (CNSX:ZRI) $700,000 payable in Zara stock.
As quoted in the press release:
Pele will receive its consideration in the form of 2.25-million Common Shares of Zara at an issue price of $0.10 per share, and 4.75-million Non Voting Convertible 5-percent Preference Shares of Zara, also at an issue price of $0.10 per share. The Preference Share annual yield of 5.0 percent will be payable in common shares of Zara at the prevailing market price.
Pele’s President and CEO, Al Shefsky, said: