Business
Investment Update:$2.5m received from Ascendant
Investment Update:$2.5m received from Ascendant.
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 Investment Update: US$2.5 Million Cash Payment Received from Ascendant Resources\n \n \n \n \n \n \n \n \n George Town, Cayman Islands - 9 December 2022 -\n \n Mineral and Financial Investments Limited (LSE-AIM: MAFL)\n (\"M&FI\" \"MAFL\" or the \"Company\")\n is pleased to provide an update on the earn-in agreement made between its wholly owned subsidiary, Mineral and Financial Investments AG (previously known as TH Crestgate) (\"M&FI AG\") and Ascendant Resources (\"Ascendant\") in relation to Redcorp Empreedimentos Mineiros Lda (Redcorp) and its VMS polymetallic Lagoa Salgada deposit located in South Central Portugal (the \"Project\") (the \"Earn In Agreement\").\n \n \n On 8 December 2022, in accordance with the terms of the Earn In Agreement announced on 2 August 2018 (as amended on 1 July 2020 and 15 July 2022)\n M&FI AG received a US$2.5 million payment . This is the first of a two part obligation pursuant to which Ascendant can earn an additional 30% (totalling an 80% effective interest) in the Project. The second obligation, which remains outstanding, is that Ascendant is required to complete a feasibility study by 22 June 2023. This feasibility work is ongoing and further updates will be provided in due course as appropriate.\n \n \n \n Background\n \n \n \n On 25 May 2022, M&FI confirmed that Ascendant Resources had completed the first phase of the Earn In Agreement\n and had\n increased its effective ownership interest from 25% to 50% in the Project. As a final stage of the agreement, Ascendant had the option to earn an additional 30% interest in the Project (totaling an 80% effective interest in the Project) by both completing a feasibility study by December 22, 2022 and making a payment of US$2.5m to M&FI AG.\n However on 15 July 2022, it was announced that all parties had agreed to extend the deadline by which the feasibility study on the Project was to be completed to June 22, 2023. It was also agreed that the payment date for the US$2.5m was unchanged, and accordingly this has been paid today.\n \n \n Original Announcement\n \n \n The following is a summary of the earn-in agreement, as detailed originally when disclosed, in a press release dated August 2, 2018 (\"Original Announcement\") -\n \n \n \n \n \"In the firs...