Tethyan Resources has announced that it has signed an agreement to amend the current option to acquire the Suva Ruda copper-gold exploration license in Serbia.
Tethyan Resources (TSXV:TETH) has announced that it has signed an agreement to amend the current option to acquire the Suva Ruda copper-gold exploration license in Serbia.
The company has entered into an option agreement in September 2016 with a Serbian company, Deep Research (DR), which holds the Suva Ruda exploration license. under the terms of the agreement, Tethyan holds the exclusive right to manage and perform mineral exploration throughout the license, and has the option to buy DR for €6 million.
As quoted in the press release:
- Pay the €100,000, previously due on September 13, 2018, within 15 days of signing the amending agreement;
- agree not to acquire DR but instead to acquire the license if the option contemplated in the option agreement is exercised; and
- upon completion by Tethyan of the acquisition of Taor, cause Taor to enter into a joint venture agreement with DR with respect to a defined geographical area within the licens which will be excluded from the terms of the option agreement and become subject to the terms of the JV agreement.