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Investment Update: Lagoa Salgada Financing Agreed
Investment Update: Lagoa Salgada Financing Agreed.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \n \n \n MINERAL & FINANCIAL INVESTMENTS LIMITED\n \n \n \n \n Investment Update:\n \n \n Ascendant Closes US$15 Million Streaming Financing Agreement with Sprott Private Resource for the Lagoa Salgada Project\n \n \n \n \n \n \n \n \n \n HIGHLIGHTS:\n \n \n \n ·\n \n Ascendant secures Sprott Funding To Fund the Completion of Feasibility Study.\n \n \n \n ·\n \n Mine Construction Decision Expected to be made by Q2-2023.\n \n \n \n ·\n \n Provides\n \n \n Funding for M&FI's US$2.5M Earn-In Payment due in December 2022.\n \n \n \n ·\n \n M&FI Secures Option to Possibly Sell Interest in Project if in the best interest of shareholders.\n \n \n \n \n \n \n \n \n \n GEORGE TOWN, CAYMAN ISLANDS, November 28, 2022 -\n \n Mineral and Financial Investments Limited (LSE-AIM: MAFL)\n (\"M&FI\" or the \"Company\")\n is pleased to\n report an investment update on a financing package for the Lagoa Salgada Project, Portugal (the \"Project\"). The Project is held jointly by MAFL wholly owned subsidiary Mineral and Financial Investments AG, Redcorp Empreedimentos Mineiros Lda (\"Redcorp\") and Ascendant Resources Inc (\"Ascendant\"), who are also operating the project.\n \n \n \n Stream Financing Agreement and Associated Secured Convertible Loan Note\n \n \n \n Ascendant\n has entered into\n a US$15 million metals stream agreement (the \"Stream Agreement\") with Sprott Private Resource Streaming and Royalty (B) Corp. (\"Sprott\") for the benefit of the Lagoa Salgada VMS project located close to Lisbon Portugal (the \"Project\"). This obligation is undertaken by Ascendant and M&FI and Redcorp, are a party to the Stream Agreement o\n nly insofar as to give effect of the undertaking by Ascendant\n .\n \n \n Ascendant intends to use the proceeds from the Stream Agreement to complete the ongoing 43-101 compliant feasibility study for the Project, advance permitting activities: and for Ascendant's general corporate and working capital purposes, which includes the fulfillment of the earn-in.\n \n \n The Stream Agreement\n provides for the sale and delivery to Sprott of 1.75% of all metals produced from the Project at a rate of 15% of the market price for gold until the delivery of 45,000 gold equivalent ounces. At which point the rate will be increased to 75% of the market price. Ascendant also can buy down...