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Resouro Strategic Metals Inc. (RSGOF) Update on Binding Acquisition of Mineral Rights
Toronto, Canada (ABN Newswire) - Resouro Strategic Metals Inc. (ASX:RAU) (CVE:RSM) (FRA:8TX) (OTC...
About this update from Resouro Strategic Metals Inc
[{"type":"text","content":"Resouro Strategic Metals Inc. (RSGOF) Update on Binding Acquisition of Mineral Rights\n\n Toronto, Canada (ABN Newswire) - Resouro Strategic Metals Inc. (ASX:RAU) (CVE:RSM) (FRA:8TX) (OTCMKTS:RSGOF) is pleased to announce an update to the press release provided to you on September 9, 2024 (September 10, 2024 ASX). Resouro's subsidiary, Tiros Minerais Estrategicos Mineracao Ltda (\"TMEL\" or the \"Buyer\"), has completed the due diligence required to finalize the contractual arrangement whereby Resouro entered into a Binding Agreement with Mr. Marcelo Augusto Martins Neto (\"Seller\") to acquire 100% ownership and title over three (3) mineral rights contiguous with the Sao Gotardo block of Resouro's Tiros Rare Earths and Titanium Project, located in the state of Minas Gerais, Brazil (\"Tiros Project\" or the \"Project\").\n \n\n Highlights\n \n\n - Three (3) minerals rights (\"Mineral Rights\") totaling 4,744 hectares located south of, and contiguous with, the Sao Gotardo block of the Tiros Project.\n \n\n - The Capacete Formation, associated with the Tiros Project, covers most of the Mineral Rights associated with this Binding Agreement.\n \n\n Commenting on the Binding Agreement, President, CEO, Director and Founder, Chris Eager commented:\n \n\n With this acquisition, we are consolidating our presence in the highly prospective Capacete Formation, securing assets for future development. This highly strategic acquisition gives us a greater footprint in a highly prospective area and the contiguous nature of the assets adjacent to Resouro's Sao Gotardo block could prove highly beneficial in the event of a future discovery.\"\n \n\n Acquisition Terms\n \n\n The terms of the Binding Agreement have been modified to include a floor price for use in the calculation of the number of common shares that will be issued upon successful completion of Milestones 2 and 3. Material terms of the Binding Agreement include:\n \n\n - Initial Payment: Within 5 days from the date of confirmed acceptance of this transaction by the TSX Venture Exchange (\"TSXV\"), or up to 30 days from the purchase confirmation, whichever comes first, payment of (1) CAD 50,000 in cash and (2) CAD 50,000 in Resouro shares based on the 20-day VWAP of Resouro shares which occurred immediately prior to the date of acceptance of the transaction. The VWAP is CAD $0.35; there...