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Record Resources Issues Clarifications Regarding Earlier Release
Calgary, Alberta--(Newsfile Corp. - August 30, 2023) - Record Resources Inc. (TSXV: REC) wishes t...
About this update from Record Resources Inc
[{"type":"text","content":"Record Resources Issues Clarifications Regarding Earlier ReleaseCalgary, Alberta--(Newsfile Corp. - August 30, 2023) - Record Resources Inc. (TSXV: REC) wishes to reissue its press release from August 28, 2023 with certain clarifications. The company is pleased to report that it has entered into a non-binding and arm's length agreement to acquire preferred shares from a private equity fund that owns and is developing a gold exploration property in Djibouti, Africa. The non-binding agreement is with the African Minerals Exploration & Development Fund III Sicar (AMED Fund III) registered in Luxembourg and Red Sea Gold B.V. and Nurtureex B.V., both of Utrecht, Netherlands. Red Sea and Nurtureex are AMED's operating entities and are the developers of the Djibouti gold project. These parties collectively control 69% of Thani Stratex Djibouti Limited (TSDL). It is TSDL that holds the mining claims in Djibouti.AMED Funds is a group of private equity funds that have invested in various mineral projects in Africa, some of which have already been successfully sold to third parties. AMED Fund's team is composed of highly experienced professionals in the mining and exploration industry with an impressive track record and network of partners.The sponsoring partner of AMED Funds is Rudolph de Bruin, an international mining industry veteran with decades of successful mining and exploration experience, who was recently involved in a consortium that acquired Canada Fluorspar (NL) Inc and its fluorspar mine in St. Lawrence, Newfoundland.There are no finder's fees and new insiders being created. A definitive agreement, which may not occur, will need to be executed to complete the transactions between the parties.Pursuant to the execution of a definitive agreement, Record will acquire half of AMED's preferred shares in the Djibouti project in return for investing US$7.5 million in exploration and development expenses over a three-year period. A first investment of US$2.5 million is due 12 months following execution of the agreement and at the two consecutive 12-month anniversaries thereafter.In addition, a co-operatorship agreement, to govern the development of the property, will also be entered into following the execution of the definitive agreement and once Record has made a first investment of US$1 million. Record will also hold a First Rig...