Genius Properties Announces Acquisition in Peru and Corporate Reorganization

Genius Properties (CSE:GNI)(CSE:GNI.CN)(CNSX:GNI) (“Genius”) announced today it has entered into a binding letter of intent dated June 12, 2017 (the “Letter of Intent”), with Cerro de Pasco Resources (“Cerro”), a corporation incorporated under the laws of Peru, pursuant to which Genius intends to acquire all the issued and outstanding shares of Cerro (the “Proposed Transaction”).
Cerro’s main asset is an option to acquire 100% interest in the El Metalurgista Concession (where the so-called Quiulacocha Tailings and Excelsior Stockpile are located), located in Peru (the “Property”). Upon exercise of such option, Cerro will become the Property’s sole legal and beneficial owner.
Summary of the Proposed Transaction
The Proposed Transaction is an arm’s length transaction and is subject to a number of conditions precedents, including a due diligence on Cerro and the Property and the receipt of all requisite regulatory and corporate and shareholder approvals.
The Property

The Cerro de Pasco area in Peru became one of the world’s richest silver producing regions after the precious metal was discovered in 1630.
Profits from the exploitation of the Cerro Pasco mine built the city of Lima, funded a war with Chile, helped construct the infamous La Oroya Smelter and the highest railway line in the world which is still used to transport mineral concentrates to Lima today.

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