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Black Mountain Gold USA Corp. Announces Definitive Agreement for Banio Potash Project
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2022) - Black Mountain Gold USA Co...
About this update from Millennial Potash Corp
[{"type":"text","content":"Black Mountain Gold USA Corp. Announces Definitive Agreement for Banio Potash ProjectVancouver, British Columbia--(Newsfile Corp. - November 2, 2022) - Black Mountain Gold USA Corp. (TSXV: BMG) (\"BMG\" or the \"Company\") is pleased to announce that it has entered into a definitive agreement (the \"Definitive Agreement\") dated effective October 31,2022 concerning its option to acquire up to a 100% interest in the Banio Potash Project first announced on September 27, 2022.The Definitive Agreement replaces a binding Memorandum of Understanding (the \"MOU\"), dated effective September 5,2022, with the shareholders (the \"Vendors\") of all of the Equatorial Potash Pty. Ltd (\"Equatorial\") shares (the \"Equatorial Shares\").The Definitive Agreement provides for the option (the \"Option\") to acquire up to a 100% interest in the Banio Potash Project in Gabon (the \"Banio Potash Project\") by the acquisition from the Vendors of all of the issued and outstanding Equatorial Shares. Equatorial is the 100% owner of Mayumba Potasse SARL (\"Mayumba\"), a Gabonese company holding a 100% interest in Gabonese Exploration Permit No. G2-595 Potasse et Sels Connexes Mayumba renewed February 4, 2022 (the \"Banio Permit\"). Further details regarding Mayumba, the Banio Permit and the Banio Potash Project can be found in the Company's September 27,2022 news release. The Definitive Agreement and the Option to acquire the Banio Potash Project represent a \"Fundamental Acquisition\" under the policies of the TSX Venture Exchange (the \"Exchange\"). Exchange approval of the Definitive Agreement requires submission of a technical report on the Banio Potash Project and other information to the Exchange. It is anticipated that the Company has sufficient working capital to meet its financial obligations under the Definitive Agreement as well as other financial obligations for the next six months.Terms and conditions of the Banio Potash Project Definitive AgreementThe terms and conditions of the Definitive Agreement remain materially unchanged from those of the MOU and are summarized below: Table 1 Terms and Conditions of Definitive AgreementTable 1To view an enhanced version of Table 1, please visit:https://images.newsfilecorp.com/files/4674/142640_bmtbl1.jpg.The amount of USD$257,000 due upon execution and final regulatory approval of the Definitive Agree...