Business
New Dimension Signs Binding Letter of Intent with Cerrado Gold for Sale of Minera Mariana Argentina S.A.
New Dimension Signs Binding Letter of Intent with Cerrado Gold for Sale of Minera Mariana...
About this update from Capella Minerals Limited
[{"type":"text","content":"\n \n \n \n New Dimension Signs Binding Letter of Intent with Cerrado Gold for Sale of Minera Mariana Argentina S.A.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Oct. 28, 2020\n \n \n \n \n \n TSX-V: NDR\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 28, 2020\n \n /CNW/ - New Dimension Resources Ltd. (TSXV:NDR) (the \"Company\", New Dimension\" or \"NDR\") is pleased to announce that it has entered in to a Binding Letter of Intent (\"LOI\") with Cerrado Gold Inc. (\"Cerrado\") for the sale of its 100% interest in its Argentine subsidiary,\n \n Minera Mariana Argentina S.A\n \n . (\"Minera Mariana\")(the \"Transaction\").\n \n Minera Mariana\n \n is owner of the Las Calandrias and Los Cisnes gold-silver projects, in addition to an extensive portfolio of exploration concessions in the Eastern Deseado Massif,\n \n Santa Cruz Province\n \n , southern Argentina. The transaction is subject to successful completion of due diligence and is expected to close on or around\n \n November 30\n \n , 2020.\n \n \n Cerrado is owner and operator of the Minera Don Nicolas (\"Don Nicolas\") gold mine, a 1,000 tonne per day gold mining/processing facility located immediately adjacent to\n \n Minera Mariana's\n \n Las Calandrias project.\n \n \n \n Highlights of the Transaction\n \n \n \n \n New Dimension will receive\n \n USD 50,000\n \n in cash within 10 days of signing of the Binding LOI.\n \n \n New Dimension will receive\n \n CAD 2.25 million\n \n in Cerrado shares. The exact price and number of shares to be issued will be calculated based on the price of Cerrado's shares as determined in anticipation of a concurrent financing with its planned listing on either the Toronto Stock Exchange or TSX Venture Exchange (expected to be completed by\n \n December 31, 2020\n \n ).\n \n \n New Dimension will retain indirect exposure to future exploration and operational success at both Las Calandrias and Don Nicolas through its shareholding in Cerrado.\n \n \n \n \n Eric Roth\n \n , New Dimension's President and CEO, commented today: \"I am very p...