RAP Acquisition Corp. and Ferrum Americas Mining Inc. announce updates to the proposed transaction

RAP Acquisition Corp. (TSXV:RAPH) reports it entered into an amendment to the letter of intent with Ferrum Americas Mining Inc.

The press release is quoted as saying,

Ferrum Americas will complete a going public transaction (the “Proposed Transaction”) by way of an amalgamation with RAP (the “Amalgamation”). In the amendment, the parties confirmed (i) that the Proposed Transaction is valued at over $11,362,500; (ii) the consolidation and split ratios set out below; (iii) the dates for completion of certain transaction steps; and (iv) that the Private Placement (as defined below) will be for up to $4 million rather than the previously announced $10 million.

For the complete press release, click here.