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 transaction, valued at $151.5 million, adds significant mineral and real estate assets to the company's balance sheet and provides a platform for future development.
The purchase price will be paid through long-term owner financing with an installment agreement of $151 million, structured as three equal payments of $50,500,000 due in 2032, 2038, and 2043. An initial deposit of more than $500,000 has been delivered to secure the transaction, giving LIG Assets exclusive control and rights during the acquisition process. The agreement is subject to further definitive agreements and attorney review, as well as compliance with regulatory guidelines.
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. This represents a long-life, high-quality resource that management believes will enhance the company's financial position. The company intends to develop the site for production of construction aggregates such as road base and agricultural lime (ag-lime), which is used to reduce soil acidity and improve crop yields.
In addition to traditional construction materials, the exceptional purity of the limestone creates potential to expand into the ultra-pure calcium carbonate market. This material has a broad range of applications, including medical products such as antacids and calcium supplements, as well as industrial uses in construction materials, paper, and paints. Ultra-pure calcium carbonate is also commonly found in consumer products, including toothpaste, cleaning agents, and food additives.
Beyond its mineral assets, LIG Assets continues to advance evaluation and testing of its proprietary water treatment and environmental remediation technologies for potential application 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 regarding the Brooks Quarry property, including the progress of the SK-1300 Technical Report Summary, engineering evaluations, permitting activities, and other strategic initiatives as material information becomes available. For more information, visit the company's website at www.LIGAssets.net or follow on Twitter at https://twitter.com/ligassets.
