The sale will reportedly occur in two stages, with the first one scheduled to close on December 14th, involving 57 net sections of rights in the Monias area for $22 million. The second part of the transaction consists of an option for the unnamed purchaser to acquire approximately 140 net sections of mineral rights by March 15th of next year for an additional $56 million.
Terra says the first stage sale will have an immediate impact in strengthening its balance sheet and reducing total indebtedness.
The aforementioned close is scheduled to occur just two days after the final sale of what is turning out to be a disappointing 2012 series of monthly sales of B.C. government Crown petroleum and natural gas rights.