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Royal Road Minerals Enters into Definitive Strategic Alliance Agreement with Mineros S.A. for Colombian Joint Venture
Toronto, Ontario--(Newsfile Corp. - March 3, 2020) -  Royal Road Minerals Limited (TSXV: ...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Enters into Definitive Strategic Alliance Agreement with Mineros S.A. for Colombian Joint VentureToronto, Ontario--(Newsfile Corp. - March 3, 2020) -  Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road\" or the \"Company\") is pleased to announce that it has entered into a definitive strategic alliance agreement (the \"Agreement\") with Mineros S.A. (\"Mineros\") in relation to the Company's Guintar and Niverengo concessions and its Margaritas title application (\"GNM Project\") in Antioquia District, Colombia. The Agreement supersedes the previously announced letter of intent entered into by the Company and Mineros. Mineros is a Colombian public company engaged in the business of gold mining and listed on the Bogotá Stock Exchange. Royal Road currently operates in Nicaragua under a separate exploration strategic alliance formed in September 2017 with Mineros' subsidiary, Hemco Nicaragua S.A.The Agreement contains the following basic terms:Mineros agree to pay to Royal Road the sum of USD $1 million on execution of the Agreement The parties agree that, upon making such payment, they will operate the GNP Project on a joint venture basis with Royal Road as operatorMineros has the option (the \"First Option\") to acquire a 25% interest in the GNM Project by providing Royal Road with USD $1 million for the exploration of the GNM ProjectIf Mineros exercises the First Option, Mineros has the option (the \"Second Option\") to acquire an additional 25% interest in the GNM Project by providing Royal Road with a total of USD $1.5 million in additional funding for the GNP Project and thereafter, Royal Road and Mineros would each hold a 50% interest in the GNP Project Company Mineros and Royal Road will agree to an initial exploration program and budget for the exploration of the GNM Project and; prior to any exercise of the Second Option, the parties will agree to a second program and budget for the further exploration of the GNM ProjectAt any time after Mineros has acquired a 25% interest and if at such time Mineros elect not to exercise the Second Option, Mineros may elect to cause all titles and the rights to title applications with respect to a designated project area to be transferred to a newly formed special purpose company (the \"Project Company\"), initially to be owned as to 75% by Royal Road and ...