Business
Latin American Minerals Announces Strategic Review of Assets and Proposed Acquisition of the Butt Township Property, Ontario, Canada
(via TheNewswire) August 24 , 2018 / TheNewswire / Toronto, Ontario - Latin America...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Latin American Minerals Announces Strategic Review of Assets and Proposed Acquisition of the Butt Township Property, Ontario, Canada(via TheNewswire)\n\n \nAugust 24, 2018 / TheNewswire / Toronto, Ontario - Latin American Minerals Inc. (TSXV: LAT) (the \"Company\") announces that the board of directors of the Company together with its management team, has commenced a process to initiate a strategic review focused on maximizing shareholder value. The Company is also pleased to announce that it has entered into an option agreement (the \"Option Agreement\") with Griftco Corporation (\"Griftco\") pursuant to which the Company has been granted the right to earn a 100% interest in the Butt Township uranium and rare-earth mineral property in Ontario (the \"Property\").\n\n\n \nStrategic Review\n\n\n \nIn connection with the strategic review process, the board of directors intends to undertake a comprehensive review to identify and consider a range of alternatives and their potential to enhance shareholder value. The Company is currently focused on reviewing the possible sale of its mineral assets located in Paraguay, however, these alternatives could also include, but are not limited to, the sale of all or substantially all of the assets of the Company, a merger or business combination with another party, a corporate sale, a strategic partnership or any combination of the forgoing. The Company does not intend to set a definite schedule to complete its evaluation process and cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, terms or timing of such a transaction.\n\n\n \nButt Township Property\n\n\n \nPursuant to the terms of the Option Agreement, the Company can earn a 100% interest in the Property in exchange for:\n\n\n \n\n\n- the payment of $50,000 and the issuance of 5,000,000 common shares (\"Common Shares\") of the Company to Griftco on the date the TSX Venture Exchange grants approval of the transaction (the \"Effective Date\");\n\n\n\n- the payment of $25,000, the issuance of 2,500,000 Common Shares to Griftco and the Company incurring $200,000 in expenditures on the Property on or before the first anniversary of the Effective Date;\n\n\n\n- the payment of $25,000, the issuance of 2,500,000 Common Shares to Griftco and the Company incurring $200...