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Minsud Signs Trust Agreement with Landowners at the Chita Valley Project, San Juan, Argentina
Minsud Signs Trust Agreement with Landowners at the Chita Valley Project, San Juan, Argentina ...
About this update from Minsud Resources Corp.
[{"type":"text","content":"\n \n \n \n Minsud Signs Trust Agreement with Landowners at the Chita Valley Project, San Juan, Argentina\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 Dec. 14, 2022\n \n \n /CNW/ -\n \n Minsud Resources Corp. (TSXV: MSR)\n \n (\"Minsud\" or the \"Company\"), is pleased to announce that, through\n \n Minera Sud Argentina S.A.\n \n (\"MSA\"), the Company's Argentine subsidiary, it has signed a trust agreement with the owners of the land where the central part of the Chita Valley Project is located (the \"Trust Agreement\"). The property covers a surface area of 19,852 hectares, as shown in Map 1.\n \n \n Under the terms of the Trust Agreement, the owners of the land (the \"Trustors\") established the trust and agreed with Minsud (the \"Beneficiary\") to grant a purchase option on the property for a cash payment of\n \n US$1,500,000\n \n (the \"Purchase Price\") during a term of 15 years, which can be paid at any time during the life of the Trust Agreement. The Purchase Price turns into an obligation for Minsud if an \"Acceleration Event\" occurs. The Acceleration Event is defined as the confirmation by the Ministry of Mining of the Province of San Juan approving the feasibility study of the Chita Valley Project.\n \n \n To maintain the purchase option in good standing, the Beneficiary must comply with the following staggered payments (the \"Maintenance Payments\"): from year one to year five, annual payments of\n \n US$20,000\n \n ; from year six to year ten, annual payments of\n \n US$40,000\n \n ; and from year eleven to year fifteen, annual payments of\n \n US$100,000\n \n . The Maintenance Payments are in addition to the Purchase Price and are required until Minsud's satisfaction of the Purchase Price.\n \n \n After the end of each five-year tranche, Minsud must demonstrate to the trustee and Trustors a minimum annual investment of\n \n US$1,000,000\n \n under the \"Mineral Properties\" asset, as disclosed in its annual consolidated financial statements.\n \n \n To t...