Under the terms of the agreement, an aggregate of $882,000 will be paid by Brigadier over 42 month period, of which $625,000 will be paid by the issue of treasury shares having that value on the market as they are issued over that period.
The agreement is subject to TSX Venture Exchange approval and Brigadier has the option to speed up the payments to acquire the property in a shorter span of time.
Located towards the northeast of the city of Torreón, in the state of Coahuila and south of the town of Cuatro Ciénegas, the property comprises 6 concessions totalling 3,408 hectares.
Additionally, Brigadier has signed a loan agreement with a Mexican mining company for proceeds of $230,000 CND funds, for the Santa Fe agreement’s initial payment.
Brigadier has also appointed Grant Hall as president and CEO, effective from 06 September 2013.
