GREY:SFMCF - Post by User
Post by
avispaon Apr 24, 2015 5:07pm
94 Views
Post# 23662845
NEWS
NEWSApril 22, 2015 Santa Fe -- Update On Sale Of Cuatro Ciénegas Project Santa Fe Metals Corporation (TSX-V:SFM) ("SFM") announces that it has signed a new agreement with Philippine Metals Inc. (TSX-V:PHI) ("PMI") to sell 100% of its interest in the Cuatro Ciénegas property in Mexico to PMI. The new purchase agreement between PMI, SFM and SFM's wholly-owned subsidiaries 0803198 B.C. Ltd. and 0803203 B.C. Ltd. has been entered into whereby PMI will pay a total of $150,000 (the "Purchase Price") to SFM to acquire all of the issued and outstanding shares of Compania Minera Coronado S.A. de C.V., which holds SFM's 100% interest in the Cuatro Ciénegas Project (the "Transaction"). The $25,000 upfront payment paid by PMI to SFM pursuant to a letter of intent (see SFM news release dated November 27, 2014) between SFM and PMI relating to the original option agreement will be credited towards the Purchase Price and the remaining $125,000 will be paid as to $35,000 on the execution of the purchase agreement and $90,000 on the closing of the Transaction.