Business
Resouro Gold Inc. Enters into Definitive Agreement to Acquire an Interest in the Tiros Rare Earths and Titanium Project in Brazil
Toronto, Ontario--(Newsfile Corp. - August 2, 2023) - Resouro Gold Inc. (TSXV: RAU) (FSE: BU9) ...
About this update from Resouro Strategic Metals Inc
[{"type":"text","content":"Resouro Gold Inc. Enters into Definitive Agreement to Acquire an Interest in the Tiros Rare Earths and Titanium Project in BrazilToronto, Ontario--(Newsfile Corp. - August 2, 2023) - Resouro Gold Inc. (TSXV: RAU) (FSE: BU9) (\"Resouro\" or the \"Company\") is pleased to announce that it has entered into a definitive agreement on the previously announced acquisition of interest in the Tiros Rare Earths and Titanium Project in Brazil (the \"Tiros Project\"). Resouro entered into an agreement (the \"Resmin Agreement\") with Resmin Pte Ltd. (\"Resmin\"), a company controlled by Chris Eager, President and CEO of the Company, to acquire all the issued and outstanding ordinary shares of Brazil Copper Pte Ltd. (Singapore) (\"BCS\") and it entered into an option and farm-in agreement (the \"Tiros Agreement\") with RBM Consultoria Mineral Eireli (\"RMB\"), Rodrigo De Brito Mello (\"Rodrigo\"), BCS and Brazil Copper Mineração Ltda. (\"BCML\" and, together with RMB, Rodrigo and BCS, the \"Parties\"). Pursuant to the agreements, Resouro will acquire a 33.3% interest in the Tiros Project and it will have the right to earn the remaining interest in the Tiros Project upon certain milestones being achieved. Completion of the transaction is subject to customary closing conditions and obtaining all necessary regulatory approvals, including the approval of the TSX Venture Exchange (\"TSXV\"). Terms of the Resmin AgreementUnder the terms of the Resmin Agreement, Resouro will acquire 80,000 ordinary shares of BCS (\"BCS Shares\") from Resmin in exchange for, subject to approval from the TSXV, the issuance of 4,000,000 options to purchase common shares of Resouro (\"Resouro Shares\") for a period of five years from the date of closing at an exercise price of $0.20 per Common Share. The BCS Shares transferred to Resouro pursuant to the Resmin Agreement comprise 100.00% of the issued and outstanding BCS Shares immediately prior to completion of the transactions contemplated under the Tiros Agreement. BCS has beneficial ownership certain mineral rights in respect of the lands comprising the Tiros Project and on completion these mineral rights will be immediately transferred into BCML.Terms of the Tiros AgreementEquity Transfers, Assignment of Mineral Rights and Name ChangesUnder the terms of the Tiros Agreement, RBM and Rodrigo will fully assig...