Santa Fe Metals Corp. announced that, having received shareholder approval for the proposed sale of its Cuatro Ciénegas property at the Company's Annual General and Special Meeting held on December 19, 2013, Santa Fe has now signed a definitive agreement with Brigadier Gold Ltd. for that sale.
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.