Breakaway Resources Limited (ASX: BRW -"Breakaway") advises that the previously announced agreement to sell its Scotia Project, located 65km north of Kalgoorlie in Western Australia, to Minotaur Exploration Limited (ASX: MEP) (Figure 1) has been completed.
Minotaur has paid the $600,000 cash consideration and the transfer of title to the Scotia tenement portfolio to its wholly-owned subsidiary, Minotaur Gold Solutions Ltd, has been completed. The completion of the agreement follows the satisfaction of all conditions precedent to the agreement.
These included the agreement with the Norilsk Nickel Group releasing it from its obligations under a prior Claw-back Agreement (see ASX Announcement - 31 May 2013) and its joint venture partner Aphrodite Gold Limited not exercising its pre-emptive rights to purchase the remaining 20% of the Gold Rights over the tenements.
The proceeds from the sale will bolster Breakaway's cash position while it completes the recently announced transaction with Minotaur, under which the companies have entered into a binding agreement for Minotaur to acquire Breakaway through an agreed off-market takeover (see ASX Announcement - 15 July 2013).

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