News! 2016-07-21 16:09 ET - Property Agreement
The TSX Venture Exchange has accepted for filing a letter of intent between Alset Energy Corp., MKG Mining Mexico SA de CV, Orlando Ivan Lopez Garcia and Brian Robertson dated May 6, 2016. Under the agreement, Alset has the right to acquire from MKG a 100-per-cent interest in 11 mineral concessions located in Zacatecas and San Luis Potosi, Mexico, for the payment of outstanding taxes of $110,000 (U.S.) owing on the property and the option payments of $210,000 (U.S.) as follows:
- Year 1 -- $20,000 (U.S.);
- Year 2 -- $25,000 (U.S.);
- Year 3 -- $30,000 (U.S.);
- Year 4 -- $35,000 (U.S.);
- Year 5 -- $40,000 (U.S.);
- Year 6 -- $60,000 (U.S.).
There is a 2-per-cent net smelter return royalty in favour of MKG, of which 1 per cent can be purchased by Alset for $250,000 (U.S.) and a 0.25-per-cent NSR in favour of Mr. Robertson.
Alset will pay Mr. Robertson a cash finder's fee of 10 per cent of the value of the tax payment and the option payments made.
Insider/pro group participation: nil
For further information, please refer to Alset's news release dated May 24, 2016, which is available under Alset's profile on SEDAR.