Business
Mundoro and JOGMEC Sign Agreement for Exploration of Serbian Timok Projects
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 7, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN)( www.mundoro.com) ("Mundoro" or the "Company") is pleased to
About this update from Mundoro Capital Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 7, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN)( www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to report that it has entered into a binding Interim Agreement (\"Agreement\") with Japan Oil, Gas and Metals National Corporation. (\"JOGMEC\"), in which it has granted to JOGMEC an earn-in option on three of Mundoro's exploration licenses: Dubrava, Padina and Zeleznik (the \"Timok North Projects\") located within the Timok Magmatic Complex in northeastern Serbia. Teo Dechev, CEO and President of Mundoro commented, \"We are pleased to be partnering with JOGMEC to advance the Timok North Projects in Serbia. JOGMEC has a strong reputation as a long term, strategic partner in mineral projects globally. The prolonged down-turn in the capital markets for mineral explorers makes this strategic alliance with JOGMEC beneficial to Mundoro's shareholders, by enabling us to advance the projects more rapidly while conserving our treasury for strategic acquisitions. This Agreement represents our second strategic partnership in the last twelve months, which demonstrates the continued interest in the Tethyan belt and Mundoro's land package.\" Summary of Earn-In Terms Pursuant to the Agreement, Mundoro has granted to JOGMEC the following earn-in and option rights to the Timok North Projects. Stage One Earn-in: JOGMEC may earn a 51% interest in the Timok North Projects by making US$3 million in expenditures within the next two years. JOGMEC is under a firm commitment to expend US$1 million of this amount within one year (March 7, 2017). Stage Two Earn-in: Following the Stage One Earn-in, JOGMEC has a right to acquire an additional 24% interest in the Timok North Projects, for a total of 75% interest, by funding the completion of a Feasibility Study by the eighth anniversary of the Agreement (March 7, 2024). Additional Terms: On completing the Stage Two Earn-In, JOGMEC will have a right, exercisable for a period of 60 days, to purchase an additional 5% interest in the Timok North Projects from Mundoro, for a total of 80% interest. The purchase price for the 5% interest will be determined by an independent appraisal of fair market value. JOGMEC will be responsible for future expenditures on the project through to production if it completes Stage Two, including Mundoro's share of capital ...