Business
Resouro Strategic Metals Inc. Announces Update Regarding Acquisition of an Interest in the Tiros Rare Earths and Titanium Project in Brazil
Toronto, Ontario--(Newsfile Corp. - December 21, 2023) - Resouro Strategic Metals Inc. (TSXV: RSM...
About this update from Resouro Strategic Metals Inc
[{"type":"text","content":"Resouro Strategic Metals Inc. Announces Update Regarding Acquisition of an Interest in the Tiros Rare Earths and Titanium Project in BrazilToronto, Ontario--(Newsfile Corp. - December 21, 2023) - Resouro Strategic Metals Inc. (TSXV: RSM) (FSE: 8TX) (\"Resouro\" or the \"Company\"), further to its press releases dated August 2, 2023 and October 19, 2023, is pleased to provide an update regarding the Company's acquisition (the \"Tiros Acquisition\") of an interest in the Tiros Rare Earths and Titanium Project in Brazil (the \"Tiros Project\") and other related corporate activities. The Company confirms that it has entered into definitive agreements relating to the Tiros Acquisition, however completion of the Tiros Acquisition remains subject to the approval of the TSX Venture Exchange (\"TSXV\"). As a clarification of the Press Release from August 2, 2023, at the date of signature of the Tiros Acquisition Agreement, the Tiros Project represented 11 mineral concessions totalling 177 km2 located in Minas Gerais, of which 9 belonging to RBM and Rodrigo Brito de Melo and 2 belonging to Brazil Copper Mineração Ltda, under titleship of a custodian third party. All the mineral titles were assigned to the target company previous to the date of this Press Release. To date, Resouro has made approximately $340,000 CDN in advances in respect of the Tiros Acquisitions for due diligence and completion of a technical report and other related matters. These advances were converted to loans in September 2022, and secured with a pledge of all issued corporate quotas of the target company. Upon final approval by the TSXV of the Tiros Acquisition, Resouro will undertake Phase 1 of drilling and technical studies towards initial resource estimation for the Tiros Project. The Company is expected to resume trading on or about December 27, 2023. In parallel with completion of the Tiros Acquisition, the Company is also continuing to pursue a secondary listing on ASX which, subject to satisfying all ASX requirements and market conditions, is targeted for Q1 2024. Shareholders are advised that there is no certainty, or guarantee, that the ASX listing will occur and there is a risk that the Company may not be able to comply with the requirements and/or satisfy the conditions imposed by the ASX.Further to the press release dated October 19, 2023, the...