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Tsodilo Announces Strategic Partnership with First Quantum Minerals to obtain Equity Funding and Accelerate Work on Copper Projects
Tsodilo Announces Strategic Partnership with First Quantum Minerals to obtain Equity Funding ...
About this update from Tsodilo Resources Limited
[{"type":"text","content":"\nTsodilo Announces Strategic Partnership with First Quantum Minerals\nto obtain Equity Funding and Accelerate Work on Copper Projects\n\nTsodilo Announces Strategic Partnership with First Quantum Minerals\nto obtain Equity Funding and Accelerate Work on Copper Projects\nToronto, Ontario CANADA, April 18, 2013 /FSC/ - Tsodilo Resources Limited (TSD - TSX Venture), (\"Tsodilo\" or the \"Company\") is pleased to announce that it has entered into a strategic partnership with First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) (\"First Quantum\").  Under the terms of a binding Memorandum of Understanding (\"MOU\") dated April 17, 2013 entered into between the Company, its wholly-owned subsidiary Gcwihaba Resources (Pty) Ltd. (\"Gcwihaba\"), First Quantum and First Quantum's wholly-owned subsidiary Faloxia (Proprietary) Limited \"FQM Subco\"), First Quantum will make a strategic investment in Tsodilo by way of private placement of 2,272,727 units of the Company (the \"Units\"). The Units will be issued at a price of C$1.10 per Unit to raise gross proceeds of C$2.5 million.  Each Unit will consist of one common share and one purchase warrant, each such warrant entitling the holder to purchase one common share of the Company at USD$1.21 for a period of twenty-four (24) months from the date of issuance of the warrant. \nIn addition to the initial strategic equity investment described above, First Quantum (which term for the purposes of this press release includes FQM Subco) will also acquire the right to earn up to a 70% interest in metals prospecting licences in Botswana granted to Gcwihaba insofar as they cover base, precious and platinum group metals and rare earth minerals by meeting certain funding and other obligations as set forth below. The interests that may be earned by First Quantum specifically exclude any rights to iron held by Gcwihaba. Completion of the transactions contemplated by the MOU is subject to regulatory approval and the execution of definitive agreements.\nTsodilo's Chairman and CEO, James M. Bruchs, commented \"We are absolutely delighted to announce First Quantum as our strategic partner. They are a world-class mining company with great financial strength and specific expertise in exploration for African Copperbelt type base metal targets gained from their mining operations in Zambia.  ...