Additionally, the parties entered into a second addendum to the Minas de Pinto Option Agreement to purchase the remaining 35% interest in the MDP Trust
Minsud completes a restructuring of the Minas de Pinto Option. (Credit: Marcin Lewicki from Pixabay)
Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”) is pleased to announce that it has completed a restructuring and second addendum to the Minas de Pinto Option Agreement.
On May 6, 2014, Minsud announced that its Argentine subsidiary, Minera Sud Argentina S.A. (“MSA”), acquired a 50% beneficial interest in a trust that owns the Minas de Pinto properties (the “MDP Trust”) comprising part of Minsud’s Chita Valley project, with the remaining 50% subject to an option agreement granted in favor of MSA for a total consideration of US$ 1,335,000.
As a result of the renegotiation with Minas de Pinto owners, now the parties have entered into a Transfer Agreement, where the Minas de Pinto owners have transferred to MSA an additional 15% beneficial interest in the MDP Trust for total consideration of US$ 400,000, payable in 8 biannual instalments of US$ 50,000 each, starting on May 7, 2020 until November 7, 2023.
Additionally, the parties entered into a second addendum to the Minas de Pinto Option Agreement to purchase the remaining 35% interest in the MDP Trust by paying US$ 935,000 on or before April 7, 2024. Such Option includes tenure of the mining properties and the exclusive right to explore and prospect on the Minas de Pinto properties.