LIG Assets, Inc. (OTCQB: LIGA) announced today that it has completed 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 purchase price is $151.5 million, structured with long-term owner financing under an installment agreement requiring three equal payments of $50.5 million due in 2032, 2038, and 2043. An initial deposit of over $500,000 has been delivered to secure the transaction, granting LIG Assets exclusive control and rights during the acquisition process.
The property is expected to support the production of construction aggregates such as road base and agricultural lime, which is used to reduce soil acidity and improve crop yields. Additionally, the high purity of the limestone opens the potential for expansion into the ultra-pure calcium carbonate market, which has applications in medical products like antacids and calcium supplements, as well as industrial uses in construction materials, paper, paints, and consumer products including toothpaste and food additives.
According to historical engineering reports, the asset contains in excess of 200 million tons of limestone reserves with an estimated value of approximately $400 million. This acquisition will add $151.5 million of long-lived mineral and real estate assets to the Company's balance sheet, substantially increasing its asset base. Management stated that finalizing this transaction has greatly enhanced the Company's financial position while providing a platform for future development of the Brooks Quarry property and related mineral opportunities.
In addition to 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. The Company expects to provide additional updates regarding 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.
Management commented, '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.'
Investors and stakeholders can find more information on the Company's website at www.LIGAssets.net. The original press release is available on www.newmediawire.com.
