On September 10, 2013, Santa Fe announced it had signed a letter of intent (LOI) to sell up to 100% of its interest in the Cuatro Ciénegas property to Brigadier.
The LOI included an upfront cash payment of $200,000 (received), reimbursement of the 2013 second semester concession taxes (paid) and a commitment to finalize a Definitive Agreement.
The Definitive Agreement sets out the terms and conditions under which Brigadier can earn a 100% undivided right, title and interest in the property, subject only to pre-existing royalty commitments.
Brigadier must pay cash of $25,000 and an aggregate of $857,514, payable in cash or shares at Brigadier’s option, to Santa Fe over a period of up to 42 months, and maintain the underlying concessions in good standing during the earn-in period in order to receive the 100% interest.
The Definitive Agreement is subject to TSX Venture Exchange approval.
Scott Broughton, P.Eng., President and CEO of the Company, is a qualified person as defined by National Instrument 43-101 – Standards For Disclosure of Mineral Projects and has reviewed and approved the technical disclosure of this news release.
