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Investment Update: Redcorp Earn-In Terms Extended
Investment Update: Redcorp Earn-In Terms Extended.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \n \n \n MINERAL AND FINANCIAL INVESTMENTS LIMITED\n \n \n \n \n Investment Update: Redcorp Earn-In Terms Extended To Grant Additional Six Months To Deliver Feasibility Study\n \n \n \n \n \n \n \n \n \n HIGHLIGHTS:\n \n \n \n ·\n \n Extension to deadline to complete feasibility study to June 22, 2023\n \n \n \n ·\n \n Ascendant is targeting feasibility study completion by Q1-2023\n \n \n \n ·\n \n Next cash payment of US$2.5m to M&FI remains scheduled for December 22, 2022\n \n \n \n ·\n \n Additional time to complete study will allow for the inclusion of recent drill results\n \n \n \n ·\n \n M&FI believes the additional time should result in a higher quality feasibility study\n \n \n \n \n \n \n \n \n \n GEORGE TOWN, CAYMAN ISLANDS, July 15, 2022 -\n \n Mineral and Financial Investments Limited (LSE-AIM: MAFL)\n (\"M&FI\" or the \"Company\")\n is pleased to\n announce that it\n has, through its wholly owned subsdiary Mineral and Financial Investments AG (previously known as TH Crestgate) (\"AG\"), granted an extension to the terms of the earn-in and call option agreements with Ascendant Resources Inc. (\"Ascendant\").\n \n \n \n Feasbility Study\n \n \n \n As set out in the announcement dated 2 August 2018 (as amended on 1 July 2020), following receipt of a series of scheduled payments (the last of which was received in May 2022) for a 50% interest in Redcorp Empreendimentos Mineros Lda (\"Redcorp\"), Ascendant now has the option to earn an additional 30% interest in Redcorp (for a total 80% interest). It can do so by completing a Feasibility Study on Lagoa Salgada and making a final payment to AG of US2.5m before the end of December 2022.\n \n \n However, pursuant to the extension, AG will now allow Ascendant to complete the Feasibility Study by 22 June 2023 instead of 22 December 2022. The requirement to make the payment of US$2.5million to AG remains unchanged and it is scheduled to be paid on or before December 22, 2022. Ascendant anticipates completing the Feasibility Study by 1Q 2023.\n \n \n Jacques Vaillancourt, Mineral and Financial Investment Limited's President & CEO stated - \"We\n \n believe that Lagoa Salgada has the potential to be a world class project. The challenges caused by COVID delayed our partner's progress\n \n \n in delivering the Feasibilty Study. Although w...