Toro will also acquire Impact’s 100% interest in tenement E51/1075 the Quinn Lake project and also its 20% interest in E51/1072 tenement, which is part of the Yarrabubba joint venture.
Toro is expected to acquire the rest of 80% interest in the E51/1072 tenement from other partners.
Impact will receive A$713,000 ($756,172) and 5,485,000 ordinary shares of Toro, of which half will be escrowed for six months and remaining half will be escrowed for a year.
The sale, which is subject to due diligence by Toro and execution of a sale and purchase agreement and statutory consents and approvals, will be complete by 15 September 2011.
Impact Minerals managing director Mike Jones said the funds received from the stake sale will be used to advance the company’s exploration program at the Botswana Uranium project and Xade Nickel- Copper PGE project.
Impact will also retain significant upside from Toro’s Wiluna uranium project in Australia and other assets in South and West Australia including Northern Territory and Namibia.
The company will also retain 20% stake in the remaining tenements within the Yarrabubba joint venture, where drilling for molybdenum and copper anomaly will start later this year.
