OTCPK:CODMF - Post by User
Comment by
koast2on Mar 04, 2014 8:54am
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Post# 22276606
RE:Selling off of Coastal's copper-nickel project in Brazil
RE:Selling off of Coastal's copper-nickel project in Brazil
Pursuant to the Agreement the Company has also agreed to issue to Amazon Potash Corp. ("APC"), the parent company of Falcon Metais, 3,117,040 common shares of the Company at a deemed price of Cdn$0.05 per share in repayment of R$111,900 that Falcon Metais paid on behalf of the Company to the Departamento Nacional de Producao Mineral ("DNPM") and an additional R$219,700 that Falcon Metais has agreed to pay on behalf of the Company to DNPM in settlement of liabilities relating to the Mangabal Project (the "Shares for Debt Settlement"). On March 3, 2014, the date on which the Company entered into the Agreement, one Brazilian Real was worth 0.47 Canadian Dollars.