Centrex Metals (ASX:CXM) has entered into a contract with local rural investment business FREE Eyre Limited for the sale of its Port Spencer land holding for $1.4 million.
The sale is expected to complete in late February subject to satisfaction of settlement conditions.
The land sale completes the exit of its iron ore interests and transformation to a fertiliser business.
The sale will also provide additional funds to support the ongoing development of the Company’s flagship Ardmore Phosphate Rock Project in North West Queensland which is fast approaching production stage.
Shares in Centrex Metals (ASX:CXM) last traded at $0.12.