Texas Mineral Resources is an exploration stage mining company with its flagship property, Round Top Mountain, near Sierra Blanca in Hudspeth County, Texas.
Navajo Transitional Energy (NTEC) has purchased 5.1 million shares of Texas Mineral Resources Corp. (TMRC) at $0.36 per share, worth approximately $1.84 million, direct from the company, in addition to separately buying an additional 5 million shares from a current institutional shareholder. In total, NTEC’s 10,111,883 shares will represent approximately 20 percent of TMRC’s currently outstanding shares.
TRMC, an exploration company targeting the heavy rare earths and other high-value elements and industrial minerals, has announced plans to expand its board from five to seven members, granting NTEC two board seats.
NTEC intends to nominate one of its current Management Committee members, Peter Denetclaw, and its CEO, Clark Moseley, to serve on TMRC’s board, a press release states.
A wholly owned limited liability company of the Navajo Nation, NTEC 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, a large coal mine near Farmington, New Mexico, supplies coal to the Four Corners Power Plant located nearby. As an experienced operating mining company, NTEC will bring large operations experience to TRMC’s board, TRMC stated.
“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.”