The Conversation (0)
American Consolidated Minerals (TSXV:AJC) announced it has entered into an agreement with Sparton Resources Inc. for the acquisition of Sparton’s 50% interest in the 500-hectare Sierra Rosario Property.
As quoted in the press release:
Sparton currently holds a 51% interest in Sierra Rosario in a Joint Venture with International Northair Mines Ltd. (“INM”) (TSX VENTURE:INM) which owns the remaining 49%. Sparton will transfer a 1% interest in Sierra Rosario to INM concurrently with the closing of the first payment and share issuance from ACM to Sparton, as outlined below.
- Under the terms of the agreement, the Company will have a 45-day period to conduct a due diligence study on Sierra Rosario, and upon giving Sparton notice to proceed with the Acquisition, American Consolidated will acquire the 50% right, title and interest in and to Sierra Rosario by:
- Paying to Sparton $250,000 ($10,000 upon signing and non-refundable) and, subject to acceptance of the agreement by the TSX Venture Exchange (the “Exchange”), issuing to Sparton 250,000 common shares of the Company; and
- Paying to Sparton an additional $250,000 and issuing to Sparton a further 250,000 shares of the Company on the first anniversary date of Exchange acceptance.
Click here to read the American Consolidated Minerals (TSXV:AJC) press release
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