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Montan Mining Initiates Cerro Dorado Option, Mobilizes Technical Due Diligence Team and Provides Corporate Update
(via Thenewswire.ca) -Initial payment to Cerro Dorado SAC has b...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Montan Mining Initiates Cerro Dorado Option, Mobilizes Technical Due Diligence Team and Provides Corporate Update(via Thenewswire.ca)\n \n \n\n\n \n \n\n\n-Initial payment to Cerro Dorado SAC has been made.\n\n\n\n-Board and Management lock up shares under Pooling Agreement.\n\n\n\n-Technical due diligence team mobilized: underground sampling program to begin this week.\n\n\n\n\n \nVancouver, BC / TheNewswire / July 26th, 2016 - Montan Mining Corp. (TSXv: MNY | FSE: S5GM | SSE: MNYC) (\"Montan\" or the \"Company\") is pleased to provide a corporate update further to its agreement to acquire Cerro Dorado S.A.C. from Chazel Capital, as announced on July 14th, 2016. \n\n \n \nAs per terms of the Agreement, Montan agreed to assume all costs to maintain the Rey Salomon mine option and all expenses to maintain Cerro Dorado SAC (\"CD\") starting from July 25th, 2016 until termination of the Agreement or closing of the transaction. Montan reports that the Company has transferred funds for the lease payment due in July to Cerro Dorado SAC, as well as additional funds to cover agreed expenses arising in the near term. This satisfies the immediate commitments of Montan to CD.\n\n \n \nPooling Agreement \n\n \n \nThe Board and Management of Montan is also pleased to announce that they have individually and collectively signed a Pooling Agreement, subject to which the Pooled Shareholders have agreed to place in a pool all of the Common shares of the Company owned beneficially by them, together with any warrants held by them and such shares acquired by them pursuant to the exercise of any stock options held by them (altogether, the Common Shares). The Pooling Agreement will remain in force until certain documents (set out in Section 5.6(d) of TSX Venture Exchange Policy 5.3) have been submitted to the Exchange prior to the completion of the due diligence study on CD. These documents include, among others, the audited financials of CD. The Pooled Shareholders have undertaken to the Exchange that they will not, without written Exchange approval, trade or transfer (in any manner) legal and beneficial ownership of any of the Common Shares until the documents referenced previously have been submitted to the Exchange.\n\n \n \nDue Diligence Update & Mobilization\n\n \n \nSince signing of the Agreement to acquire Cerro Dorado, the due diligence ...