LIG Assets, Inc. (OTCQB: LIGA) announced today that it has finalized the acquisition of approximately 1,132 acres comprising the Brooks Quarry limestone property in Marianna, Florida through its wholly-owned subsidiary Gold Run, Inc. The company plans to develop the site for construction aggregates and ultra-pure calcium carbonate production. The acquisition adds $151.5 million in long-lived mineral and real estate assets to the company's balance sheet, substantially increasing its asset base.
The purchase price is $151.5 million with long-term owner financing structured as three equal payments of $50.5 million due in 2032, 2038, and 2043. Based on historical engineering reports, the property contains in excess of 200 million tons of limestone reserves with an estimated value of approximately $400 million, representing a long-life, high-quality resource. An initial deposit of more than $500,000 has been delivered to secure the transaction, giving LIG Assets exclusive control during the acquisition process. The agreement is subject to further definitive agreements and attorney review, and must comply with regulatory guidelines.
The property is expected to support production of construction aggregates such as road base and agricultural lime, which is used to reduce soil acidity and improve crop yields. The exceptional purity of the limestone also creates potential to expand into the ultra-pure calcium carbonate market, which has applications in medical products, industrial uses, and consumer goods including toothpaste and food additives.
In addition to its mineral assets, LIG Assets continues to advance evaluation of its proprietary water treatment and environmental remediation technologies for potential use in slurry ponds and mining operations. Management stated, 'Our primary objective remains the creation of long-term shareholder value through disciplined acquisitions, responsible asset development, and strategic investments in innovative environmental technologies. The Brooks Quarry acquisition represents another step in expanding our portfolio of long-lived hard asset investments while we continue pursuing opportunities that we believe can enhance shareholder value over time.'
The company expects to provide additional updates on the Brooks Quarry property, including progress on the SK-1300 Technical Report Summary, engineering evaluations, permitting activities, and other strategic initiatives as material information becomes available. More information can be found on the company's website and social media channels including Twitter.
