Iberian Minerals Announces Closing of Purchase of Net Profit Interest

Iberian Minerals Corp. (TSXV:IZN) reports it has closed the previously announced purchase from Trafigura Beheer B.V.

The press release is quoted as saying,

Pursuant to a share purchase agreement dated November 20, 2007 (the “CMC Purchase Agreement”) between Iberian and Trafigura, Iberian was obligated to pay to Trafigura an amount equal to 45.96% of the after tax net operating profit of Condestable (the “NPI”) in respect of the period from January 1, 2011 through December 31, 2014. In accordance with the terms of the CMC Purchase Agreement, Iberian retained the option to purchase the NPI from Trafigura at any time until June 30, 2011 in consideration of the payment of US$60,000,000 (the “NPI Buy-out”).

For the complete press release, click here.