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Resouro Strategic Metals Inc. Announces Acceleration of the Tiros Rare Earths and Titanium Project Earn-in
Toronto, Ontario--(Newsfile Corp. - October 19, 2023) - Resouro Strategic Metals Inc. (TSXV: RSM)...
About this update from Resouro Strategic Metals Inc
[{"type":"text","content":"Resouro Strategic Metals Inc. Announces Acceleration of the Tiros Rare Earths and Titanium Project Earn-inToronto, Ontario--(Newsfile Corp. - October 19, 2023) - Resouro Strategic Metals Inc. (TSXV: RSM) (FSE: BU9) (\"Resouro\" or the \"Company\") is pleased to announce that Resouro and RBM Consultoria Mineral Eireli (\"RBM\") have entered into a First Addendum (\"First Addendum\") to accelerate the earn-in arrangements detailed in the previously announced Definitive Agreement for Mineral Rights Acquisition and Other Covenants (\"Tiros Agreement\") for the acquisition of all interests on the Tiros Rare Earths and Titanium Project (\"Project\"). 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 AgreementUnder the terms of the First Addendum, RBM will assign and transfer to Resouro 100% of its issued shares in TSPS, totalling 160,000 shares, of Brazil Copper Pte Ltd (Singapore) (\"BCS\" or \"TSPS\"), the controlling entity of Brazil Copper Mineraçao Ltda (\"BCML\" or \"TMEL\"). BCML is the sole owner and the beneficiary of the Project's mineral rights either existing or staked in the future within the project's area of interest as defined under the terms of the Tiros Agreement.Resouro will issue to RBM 1,642,000 fully paid shares of Resouro (\"Common Shares\") which will be subject to any applicable hold periods under the policies of the TSXV and under applicable Canadian securities laws, including a four month hold period. If Resouro lists on the Australian Securities Exchange (ASX), the Common Shares issued to RBM may be subject to an escrow period imposed by the ASX. Upon completion of the assignment of all RBM's shares in TSPS to Resouro and the issuance of the Common Shares to RBM, the earn-in will be completed and Resouro will be the holder of 100% of the issued and outstanding shares of TSPS. In consideration for RBM accelerating the earn-in agreement:RBM will receive 750,000 performance warrants in Resouro that will be convertible into Common Shares upon completion by Resouro of a Detailed Feasibility Study (\"DFS\") on the project. The performance warrants will be issued immediately and shall be subject to the applicable hold periods under TSXV policies and Canadian secu...