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Diamond Fields Announces Agreement to Advance Beravina Project
Diamond Fields Announces Agreement to Advance Beravina Project Canada NewsWire V...
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[{"type":"text","content":"\n\n\n\nDiamond Fields Announces Agreement to Advance Beravina Project\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.prngen1{\nBORDER-TOP:0pt; BORDER-RIGHT:0pt; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt; BORDER-LEFT:0pt\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 16, 2019\n\n\n\nVANCOUVER, May 16, 2019 /CNW/ - Diamond Fields Resources Inc. (TSX-V: DFR) (\"DFR\" or, including its subsidiaries, the \"Company\") is pleased to announce that it has entered into a cooperation agreement (\"the Agreement\") with TMH Acquisition Co (\"TMH\"), a special purpose vehicle established by Denham Mining Fund LP, to advance the Company's Beravina Project in Madagascar (\"Beravina\" or \"the Project\"). \nPursuant to the Agreement, TMH will make an immediate payment of US$250,000 to the Company and will fund the next stage of exploration and development work on Beravina (the \"2019 Work Program\"). The 2019 Work Program, which will be under TMH's control, is expected to cost approximately US$500,000 and should be completed within seven (7) months (the \"Evaluation Period\"). TMH will have the right to extend the Evaluation Period by a further three (3) months if it has incurred expenditures of US$500,000 and made a further payment of US$250,000 (which, if exercised, will be deducted from the Option exercise payment of US$2,000,000 referred to below).\nUpon completion of the 2019 Work Program, TMH will have the option (\"the Option\") to acquire 100% of the Project in consideration of:\nA.\na net payment of US$2,000,000; and\nB.\na nine percent (9%) sales royalty (\"Royalty\").\n \nIf the Option is exercised, TMH will incur all future capital and operating expenditures in relation to the Project and the Company w...