Business
Fidelity Minerals Provides Update on Sale of Cerro Dorado
(TheNewswire) Vancouver, BC - TheNewswire - October 13 ...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Fidelity Minerals Provides Update on Sale of Cerro Dorado\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n October 13\n \n \n th\n \n \n , 2020\n \n \n -\n \n \n Fidelity Minerals Corp.\n \n \n (TSXV:FMN\n \n \n ) (\n \n \n FSE:S5GM\n \n \n ) (\n \n \n SSE:MNYC) (\"\n \n \n Fidelity Minerals\n \n \n \" or the\n\"\n \n \n Company\n \n \n \")\n \n \n is pleased to announce revised\npayment terms in relation to the sale of its Cerro Dorado gold plant.\nFurther to the US$1.43 million sale agreement announced on October 1,\n2019 total payments made by the Purchaser have totalled US$500,000,\nmeeting the conditions of the sale through to March, 2020. As a result\nof COVID-19 related regulatory delays and disruptions the Company has\nbeen working with the Purchaser to negotiate amended payment terms for\nthe remaining US$930,000. On October 9, 2020, the Company executed an\naddendum to the original sale purchase agreement, with a revised\npayment schedule.\n \n \n \n \n The revised payment terms for the\noutstanding balance, is outlined below:\n \n \n \n \n \n \n - US$100,000 on October 10, 2020\n \n \n \n \n - US$100,000 on November 25, 2020\n \n \n \n \n - US$100,000 on January 25, 2021\n \n \n \n \n - US$310,000 on April 25, 2021\n \n \n \n \n - US$320,000 on July 24, 2021\n \n \n \n \n - US$930,000 TOTAL\n \n \n \n \n \n \n Following execution of the addendum, the payment\nscheduled for October 10\n \n \n th\n \n \n has been received. Importantly, the revised\nterms require accelerated payments to be made to the Company, under\ncertain conditions.\n \n \n \n \n As outlined in the original sale purchase agreement, in\nthe event the Purchaser has missed a payment and this has not been\nremedied within 15 days, the ultimate transfer of Cerro Dorado SAC to\nthe Purchaser will not complete and ownership of the mill complex,\nmine and concessions including all improvements and on-property assets\nwill remain with Fidelity Minerals. The executed addendum also\nincorporates certain financial assurances, and the requirement to\nprovide the Company with regular updates.\n \n \n \n \n MANAGEMENT COMMENTARY\n \n \n \n \n Director & CEO of Fidelity\nMinerals, Mr. Ian Graham commented:\n \n \n \"The recently agreed, revised payment\nterms for Cerro Dorado provide the Com...