Minsud Completes Option Payment in Shares and First Addendum to the Option Agreement Regarding the Brechas Vacas Property in ...
06 Gennaio 2014 - 2:01PM
Marketwired Canada
Minsud Resources Corp. (TSX VENTURE:MSR) ("Minsud" or the "Company") announces
that it has completed a shares for debt transaction after receiving the approval
of the TSX Venture Exchange. As part of an option agreement (the "Option
Agreement") with the 50% owners of a trust (the "Trust") that holds a 100%
interest in the Brechas Vacas property (the "BV Owners"), Minsud has issued
210,000 common shares at a deemed price of C$0.10 per share in settlement of a
US$20,000 option payment with the BV Owners. The common shares are subject to a
four month hold period expiring on May 7, 2014. In addition, Minera Sud
Argentina S.A ("MSA"), the Company's indirect 98.3% owned operating subsidiary
in Argentina, made a cash payment of US$20,000 to the BV Owners in accordance
with the terms of the Option Agreement. MSA is the owner of the other 50% of the
Trust.
A first addendum to the Option Agreement was entered into that reschedules the
staggered payments to be made by Minsud either in cash or shares thereby
extending the term for exercising such option to December 29, 2019 as follows:
(All amounts in US$)
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Date Cash Shares Status
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Staggered payments
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July 4, 2012 50,000 - Paid
December 28, 2012 50,000 - Paid
June 28, 2013 50,000 20,000 Paid
December 26, 2013 20,000 20,000 Paid
June 24, 2014 20,000 -
December 19, 2014 20,000 -
June 24, 2015 25,000 -
December 19, 2015 25,000 -
June 24, 2016 30,000 -
December 19, 2016 30,000 -
June 24, 2017 50,000 30,000
December 19, 2017 60,000 30,000
June 24, 2018 80,000 40,000
December 19, 2018 100,000 40,000
June 24, 2019 100,000 40,000
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Total 710,000 220,000
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Option exercise payment
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December 19, 2019 535,000 535,000
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About the Brechas Vacas Property:
Brechas Vacas is made up of three mining concessions Luis, Luis I and Luis IV
totaling 2,580 hectares in the westernmost part of the consolidated Chita Valley
Project, adjacent to the Chita property where the Chinchillones target is
located between these two properties.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita
Valley Project, primarily for gold, silver and copper in the Province of San
Juan, as well as advancing its La Rosita gold and silver project at the Deseado
Massif - Santa Cruz Province, in the Republic of Argentina. The Company also
holds a 100% owned portfolio of selected early stage prospects, approximately
60,000 hectares distributed within the Provinces of Santa Cruz, Chubut and Rio
Negro, in the Republic of Argentina.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute
"forward-looking information" under applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, statements about
strategic plans, spending commitments, future operations, results of
exploration, anticipated financial results, future work programs, capital
expenditures and objectives. Forward looking information is necessarily based
upon a number of estimates and assumptions that, while considered reasonable,
are subject to known and unknown risks, uncertainties, and other factors which
may cause the actual results and future events to differ materially from those
expressed or implied by such forward-looking information, including the risks
identified in the Company's TSXV Filing Statement dated April 27, 2011 under the
heading "Risk Factors" as available on www.sedar.com. There can be no assurance
that such information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking
information. All forward-looking information contained in this press release is
given as of the date hereof and is based upon the opinions and estimates of
management and information available to management as at the date hereof. The
Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Minsud Resources Corp.
Carlos Massa
President and Chief Executive Officer
+54-11-4328-4067
cmassa@minsud.com
Minsud Resources Corp.
Mike Johnston
416-479-4466
mike@minsud.com
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