ECI Exploration and Mining Inc.Who is ECI Exploration and Mining Inc.? ? ?
Prior to closing, Alta Floresta Gold will use commercially reasonable efforts to become the legal and beneficial owner of 100% of the issued and outstanding equity interests of Alta Floresta Minerao. Alta Floresta Gold invested in Alta Floresta Minerao in June 2014, under an investment agreement (the “Underlying Investment Agreement”) with ECI Exploration and Mining Inc. (“ECI”), and other ECI related parties, all of which are at arm’s length to Alta Floresta Gold. Pursuant to the Underlying Investment Agreement, Alta Floresta Gold has the right to farm-in to Alta Floresta Minerao up to a 70% equity interest (currently approximately 60% held), and has taken operational control of the Alta Floresta Minerao business and board. Alta Floresta Gold has the right of first refusal on any sale of the remaining ECI interest, and has the ability through further un-matched investment, to dilute the ECI inteinterest down to a level (10%) at which the ECI interest would convert to a 1.25% NSR.
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