Lara Exploration Ltd. (TSXV:LRA) announced that it has exploration licenses renewals for its Sergipe Potash Project in northeast Brazil.
As quoted in the press release:
Under the terms of the Agreement, Aguia has until December 21, 2013 to fulfill its minimum exploration work commitment of $1.5 million, which must include at least one drill hole to test the known potash horizons within the Property (to a depth that will result in the targeted Ibura Member of the Muribeca Formation being fully tested). Aguia may then issue Lara with another 6 million ordinary shares to earn a 75% interest in the project. Aguia may issue and deliver a further 5 million ordinary shares to Lara on or before December 21, 2014 to acquire 100% ownership and control of the project.