TSXV:AMG.P - Post by User
Post by
blue_seaon Mar 02, 2010 5:05am
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Post# 16832218
has Solitaire paid US$1.6 million?
has Solitaire paid US$1.6 million?Just take a look onSolitaire's website to see the agreement. Does anybody know if Solitaire has paid US$1.6 million to Canper as first payment for Pinaya?
Would like to prefer that Solitaire would be out of the game here.
Agreement:
For the Company to acquire a 60% right, title and interest in and to the Peru properties it must make payments and have exploration costs totalling US$4.8 million as follows: - With the completed LOI, Solitaire has advanced to Acero-Martin a refundable deposit of US$150,000 (to be considered a portion of the first payment).
- Solitaire must make a payment of US$1.6 million to Canper Exploraciones S.A. ("Canper") (wholly owned subsidiary of Acero-Martin). A portion of this first payment will be applied to the accounts payable of Canper; the remainder will be applied to exploration expenditures on the properties. This first payment will earn Solitaire a 20% interest and must be paid on or before December 31, 2009.
- In order to earn a 40% total interest, Solitaire must incur an additional US$1.6 million in exploration expenditures payable on or before December 31, 2010.
- In order to earn a 60% total interest, Solitaire must incur an additional US$1.6 million in exploration expenditures payable on or before December 31, 2011.