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Centurion Proposes to Acquire 100% of the Ana Sofia Agri-Gypsum Project
Vancouver, British Columbia--(Newsfile Corp. - September 18, 2017) - Centurion Minerals Ltd. (...
About this update from Centurion Minerals Ltd.
[{"type":"text","content":"Centurion Proposes to Acquire 100% of the Ana Sofia Agri-Gypsum ProjectVancouver, British Columbia--(Newsfile Corp. - September 18, 2017) - Centurion Minerals Ltd. (TSXV: CTN) (\"Centurion\", or the \"Company\") is pleased to announce that the Board of Directors of joint-venture partner, Demetra Minerals Inc. (\"Demetra\"), has conditionally accepted a share acquisition proposal from the Company, whereby Centurion would acquire Demetra's 50% interest in the Ana Sofia Agri-Gypsum Project (the \"Project\") in Santiago Del Estero, Argentina. On completion of the transaction, Centurion would hold 100% of the Project. Both Companies are now proceeding to finalize negotiations and complete Definitive Agreements which will be subject to shareholder and exchange approval. The acquisition of Demetra's interest in the Project is expected to be approximately 40% less dilutive to Centurion shareholders than contemplated in the Joint Venture Agreement executed January 29, 2016, whereby the Company agreed to issue 23.5 million shares. The new proposal also eliminates the requirement for Centurion to set aside 10 million preferred convertible shares for the Demetra founders. The Agreement will provide significant benefits to shareholders of Demetra as they will become shareholders in a publicly-traded company and Centurion will assume 100% of Demetra's current and long-term liabilities.Centurion's President & CEO, David Tafel, commented: \"Owning 100% of the Ana Sofia Agri-Gypsum Project has been our goal since we were first introduced to the Project. Despite unprecedented weather-related disruptions for the agricultural industry in South America in 2017, we see these short-term challenges as long-term benefits that will drive increased agri-gypsum demand.\"Demetra's President, Sebastian Cattaneo, also commented: \"We are pleased with the transaction's structure, as it preserves the value of our shareholders' invested capital and realigns the post-merger shares outstanding for Centurion with the original numbers contemplated when the Joint Venture Agreement was initially executed. Moreover, a combined entity will allow an acceleration of both management groups' future organic and inorganic growth plans\"OPERATIONAL UPDATEDue to the flooding-related high-water table and associated disruptions, operating re...