Business
Minsud Exercises its Election Right in Connection with the Acquisition of 50.1% Interest in its Argentinian Subsidiary by South32
Minsud Exercises its Election Right in Connection with the Acquisition of 50.1% Interest in its A...
About this update from Minsud Resources Corp.
[{"type":"text","content":"\n \n \n \n Minsud Exercises its Election Right in Connection with the Acquisition of 50.1% Interest in its Argentinian Subsidiary by South32\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSX-V:\n \n MSR\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 27, 2023\n \n \n /CNW/ -\n \n Minsud Resources Corp.\n \n (TSXV: MSR)\n \n (\"Minsud\"\n \n or the\n \n \"Company\")\n \n is pleased to announce that, further to the Company's press release dated\n \n April 13, 2023\n \n , Minsud Argentina Inc. (\"\n \n MAI\n \n \"), a wholly owned subsidiary of the Company, has exercised its Cash-In Option (as described below) relating to South32 Aluminium (Holdings) Pty Ltd.'s (\"\n \n South32\n \n \") earn-in right to acquire a 50.1% ownership interest (the \"\n \n Earn-In Right\n \n \") in\n \n Minera Sud Argentina S.A\n \n . (\"\n \n MSA\n \n \"), Minsud's indirect Argentinian subsidiary that holds and operates the flagship Chita Valley Project. The Earn-In Right, granted by the earn-in agreement between South32 and Minsud dated\n \n November 1, 2019\n \n , as amended (the \"\n \n Earn-In Agreement\n \n \"), was exercised by South32 on\n \n April 13, 2023\n \n and the acquisition of South32's 50.1% ownership interest in MSA is expected to be completed on or around\n \n February 14, 2024\n \n (\"\n \n Completion\n \n \").\n \n \n Under the Cash-In Option South32 shall, in accordance with the Earn-In Agreement, subscribe at Completion for shares representing a 50.1% ownership interest in MSA (the \"\n \n MSA Shares\n \n \") in consideration for South32's already funded initial capital contributions to MSA of\n \n C$14 million\n \n (\"\n \n South32's Initial Capital Contribution\n \n \"). No further payment will be made to MSA for South32's subscription of MSA Shares. Further, MAI will not be obliged to contribute any amount to an approved program and budget for the Chita Valley Project until the aggregate of South32's Initial Capital Contribution and the amounts contributed and funded by South32 in respect of MSA approved programs and budgets f...