LIG Assets, Inc. (OTCQB: LIGA) announced today that it has finalized the acquisition of approximately 1,132 acres of the Brooks Quarry limestone property in Marianna, Florida through its wholly-owned subsidiary Gold Run, Inc. The transaction adds $151.5 million in long-lived mineral and real estate assets to the company's balance sheet and provides a platform for future development of construction aggregates and high-purity calcium carbonate products.
The purchase price of $151.5 million is structured with long-term owner financing, requiring three equal payments of $50.5 million due in 2032, 2038, and 2043. An initial deposit of more than $500,000 has been delivered to secure the transaction, granting 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.
Based on historical engineering reports, the property contains over 200 million tons of limestone reserves with an estimated value of approximately $400 million. The company plans to develop the site for production of construction aggregates such as road base and agricultural lime, which is used to reduce soil acidity and improve crop yields. Additionally, the exceptional purity of the limestone creates potential to enter the ultra-pure calcium carbonate market, which has applications in medical products (antacids, calcium supplements), industrial uses (construction materials, paper, paints), and consumer goods (toothpaste, cleaning agents, food additives).
LIG Assets continues to advance evaluation 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 company expects to provide updates on the Brooks Quarry property, including progress on the SK-1300 Technical Report Summary, engineering evaluations, and permitting activities, as material information becomes available. More details can be found on the company's websites: LIG Assets, Inc. and Twitter. The original press release is available at NewMediaWire.
