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Laurion Announces Amended Payment Terms to Purchase Agreement with Lincoln Mining for the Bell Mountain Project
Toronto, Ontario--(Newsfile Corp. - September 9, 2014) - Laurion Mineral Exploration Inc. (TSX...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"Laurion Announces Amended Payment Terms to Purchase Agreement with Lincoln Mining for the Bell Mountain ProjectToronto, Ontario--(Newsfile Corp. - September 9, 2014) - Laurion Mineral \nExploration Inc. (TSXV: LME) (OTCQX: LMEFF) (\"Laurion\") announced today \nthat it has consented to amend the payment terms under the purchase and sale \nagreement dated November 28, 2012 (the \"Purchase Agreement\"), governing \nthe sale by Laurion of the Bell Mountain Project (as defined below) to Lincoln \nMining Corporation (\"Lincoln\"). Under the terms of the amended agreement \nto the Purchase Agreement (the \"Amended Agreement\"), both Laurion and \nLincoln have agreed that remaining payment of approximately $736,877 including \n4% interest would be subject to a payment schedule as outlined below. \nUnder the terms of the Purchase Agreement, Lincoln was to pay \nLaurion a cash purchase price of $2,350,000 according to a prescribed payment \nschedule as consideration for the acquisition of certain mining claims, and an \noption to earn a 100% interest in the Bell Mountain property located in \nChurchill County, Nevada (\"Bell Mountain Project\"). \nLaurion had previously agreed to Lincoln's various payment \nextension requests, but Lincoln has not been able to fulfil them. Pursuant to \nthe terms of the Amended Agreement, Lincoln has made a payment of $50,000 of \nwhich $25,000 will be applied toward the principal balance and $25,000 will be \npaid to Laurion as a bonus payment. The remaining payment schedule under the \nAmended Agreement provides for Lincoln to either pay the outstanding principal \nbalance owing to Laurion by September 30, 2014 or Lincoln can obtain monthly \nextensions for payments of $75,000, which in turn each provide Laurion with a \nbonus payment of $25,000 and an extension payment applied toward the principal \nbalance in the amount of $50,000, for each such monthly extension until December \n31, 2014. In the event Lincoln fails to make all of the extension payments \ncontemplated above and they are not paid prior to December 31, 2014, then as of \nJanuary 1, 2015, Laurion is at liberty to: (a) take whatever steps it considers \nnecessary and appropriate under the Purchase Agreement, including without \nlimitation, relying on a (i) duly executed assignment and assumption agreement \nbetween, among others, Lincoln ...