SIERRA BLANCA, TX, Aug. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Texas Mineral Resources Corp. (OTCQB: TMRC)
- Navajo Transitional Energy purchases 5.1 million TMRC shares @ $0.36 per share from the Company and separately will buy an additional 5.0 million shares from a current institutional shareholder
- TMRC expands board from 5 to 7 members and grants Navajo Transitional Energy two board seats
Texas Mineral Resources Corp. (TMRC), an exploration company targeting the heavy rare earths and a variety of other high-value elements and industrial minerals, is pleased to announce that the Navajo Transitional Energy Company (NTEC), a company formed under the laws of the Navajo Nation, has concluded a strategic transaction whereby NTEC has purchased a total of 5,111,626 newly issued TMRC shares at a price of $0.36 per share for a total of approximately $1.84 million of additional capital into TMRC. Separately, NTEC will purchase 5,000,257 shares in a private transaction from a current TMRC institutional shareholder. In total, NTEC’s 10,111,883 shares represent approximately 20% of TMRC’s currently outstanding shares.
Concurrent with the transactions, TMRC has expanded its board from five to seven members and has granted NTEC the right to appoint two board members. NTEC intends to nominate one of its current Management Committee members, Peter Denetclaw, and its CEO, Clark Moseley, to serve on TMRC’s board.
NTEC owns and operates the Navajo Mine, a large coal mine near Farmington, New Mexico, that supplies coal to the Four Corners Power Plant located nearby. NTEC is an experienced operating mining company and will bring welcome large operations experience to our Board.
“We are pleased to welcome NTEC as a major TMRC shareholder and look forward to benefiting from their expertise,” said Anthony Marchese, TMRC chairman. “NTEC management has done an outstanding job developing the economic, financial, social, and cultural well-being of the Navajo People, the Navajo Nation, and its future generations through the development of its energy portfolio and market.”
Clark Moseley, NTEC’s CEO, commented on how this investment aligns with one of NTEC’s central business objectives. “NTEC is excited to participate in the development of TMRC’s Round Top concession of rare earth minerals. NTEC as a company is charged with identifying and investing in transitional energy related opportunities. The mineral deposits being developed by TMRC are vital to future battery and other green energy related technologies.”
About Texas Mineral Resources Corp.
Texas Mineral Resources Corp.'s focus is to develop and commercialize its Round Top heavy rare earth and industrial minerals project located in Hudspeth County, Texas, 85 miles southeast of El Paso. Additionally, the Company plans on developing alternative sources of strategic minerals through the processing of coal waste and other related materials. The Company’s common stock trades on the OTCQB U.S. tier under the symbol “TMRC.”
About Navajo Transitional Energy Company
Navajo Transitional Energy Company, LLC, is a wholly owned limited liability company of the Navajo Nation that was created by the Navajo Nation to purchase the Navajo Mine in 2013 as well as to invest in other mining and energy related opportunities. The Navajo Mine is located on the Navajo Nation, south of Farmington, New Mexico. The Navajo Mine currently supplies coal to the Four Corners Power Plant.
CONTACT: Company Contact: Texas Mineral Resources Corp. Anthony Marchese, Chairman E-mail: amarchese@tmrcorp.com Twitter: @TexasMineralRes