Brazil Resources Inc. (TSXV:BRI,OTCQX:BRIZF) amended the share purchase agreement dated July 10, 2012 between the Company and Luna Gold Corp. pursuant to which the Company acquired a 100% interest in the Cachoeira project. The payment of $300,000, originally due 12 months after closing, will now be due 24 months after closing on September 24, 2014. Brazil Resources also announced that it has satisfied the conditions to exercise its initial option to acquire a 51% interest in the Montes Áureos and Trinta Projects.
As quoted in the press release:
Brazil Resources satisfied the conditions of the Initial Option by making a cash payment of US$25,000, issuing an aggregate of 325,000 common shares of the Company over the past three years and incurring aggregate exploration expenditures of at least US$1,750,000 over the past three years. The Company has the option to acquire an additional 46% interest in the Montes Áureos and Trinta Projects pursuant to the terms of the underlying agreement.