Lara Exploration Signs LOI with Kiwanda to Develop Phosphate Projects in Columbia

Lara Exploration (TSXV:LRA) announced that it has signed a letter of intent with Kiwanda Group LLC and Dr. Carlos Caceres Giron to secure and develop phosphate rock projects in Colombia.
As quoted in the press release:

Applications have already been filed for approximately 16,000 hectares of exploration licenses in the Boyacá District, where previous work by Lara and Caceres outlined extensive phosphate-rich sediments.
Under the terms of the Agreement, Dr. Caceres has formed a Colombian company, Fosfatos de Iza S.A.S. (“Iza”) that will be the holder of the mineral rights and manage in-country activities. Lara and Dr. Caceres will work together to select and acquire projects, build a team of technical, legal, financial and community relations personnel that will be responsible for the review, acquisition and exploration of suitable phosphate prospects and projects. Kiwanda will provide funding to resume exploration work in the coming months and subsequently acquire 100% of the shares of Iza by issuing the equivalent of US$450,000 in shares over two years to Dr. Caceres and by granting a 2% net production royalty to Lara on all production from the areas.

Click here to read the full Lara Exploration (TSXV:LRA) press release.