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BRIEF-Pele Mountain reports LOI with Enirgi Group

Published 2017-06-01, 06:00 p/m
Updated 2017-06-01, 06:10 p/m
© Reuters.  BRIEF-Pele Mountain reports LOI with Enirgi Group

© Reuters. BRIEF-Pele Mountain reports LOI with Enirgi Group

June 1 (Reuters) - Pele Mountain Resources Inc GEM.V :

* Pele Mountain announces an loi with Enirgi Group, management changes and the sale of Eco Ridge

* Pele Mountain Resources Inc - Rob Scargill has been appointed as Pele's interim president and CEO

* Pele Mountain- terms of LOI include that Enirgi will be issued 85-percent ownership of pele on a fully-diluted basis

* Pele Mountain - Pele's board has concluded that due to continuing weak uranium and rare earth prices, Eco Ridge remains uneconomic

* Pele Mountain - intention to proceed with consolidation of common shares on basis of 10 for 1 Source text for Eikon: ID:nCCNVjjVpa Further company coverage: GEM.V

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