Canadian minerals explorer Northland Resources Inc said it agreed to sell its non-ferrous assets in Sweden to Orex Minerals Inc for $15.5 million in cash and stock, to focus on its iron-ore deposits. Northland, a development-stage mining company with iron assets in northern Sweden and Finland, had signed a letter of intent regarding the sale with Orex in October, last year. As per the terms of the deal, which includes sale of its Barsele gold project, Northland will get $5 million in cash over two years, and $3.5 million worth of Orex shares to be issued over a period of four years from signing of the agreement.
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