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Sheffield Resources Limited (ASX:SFX) says it’s received confirmation from Brockman Mining Limited (ASX:BCK) that the sale of the South Pilbara Iron tenements is not subject to approval from the Foreign Investment Review Board and is unconditional.
Completion of the sale is now scheduled to occur by April 24, including an upfront cash payment of $1 million.
Sheffield Managing Director Bruce McQuitty says the upfront cash payment will increase its cash position to $7.2 million.
Mr McQuitty says the funds will go towards its Thunderbird HMS and Red Bull nickel projects.
Sheffield Resources reported a net profit of $91,500 for the first half of the 2013 financial year
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