Latin Resources sells Peruvian assets
PERTH (miningweekly.com) – Explorer Latin Resources has signed a memorandum of understanding (MoU) to sell its Mariela concession, in Peru, to Total Genius Iron Mining (TGIM) for some $2.5-million.
The MoU documents the terms of sale of five concessions in Peru, covering some 3 200 ha, and representing 2.8% of Latin’s concessions in the iron-oxide/copper/gold belt of southern Peru.
The Mariela concessions are currently subject to an earn-in option agreement under which shareholder Junefield Group subscribed to a placement of 30-million ordinary shares in Latin, at a 51% premium to the then share price, for $8.1-million.
The option agreement also included the Dylan III and Dylan IV concessions, which adjoin the Mariela concession to the west. As part of the sales agreement, TGIM and Latin have terminated the agreement to acquire the Dylan concessions.
“We are pleased to have been able to capitalise on the Mariela concession which, following completion of this deal, will have provided funding for the company of over $11-million over two years, and at the same time gained us an exceptionally committed shareholder,” said Latin MD Chris Gale.
He noted that the MoU would be followed by the execution of a sales agreement, on the satisfaction or waiver of certain conditions precedent, including shareholder and regulatory approval, and the termination or amendment of the option agreement of Mariela.
Funds raised in the transaction would be used to further Latin’s exploration programmes in the Ilo region, as well as maintain the company’s Guadalupito project and for general working capital.
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