Following its entering a non-binding of Letter-of-Intent (‘LOI’) on 7 July 2021, Orosur has today announced its signing of a Joint Venture (‘JV’) agreement with Meridian Mining UK Societas (TSX-V: MNO) (Frankfurt: 2MM) (Tradegate: 2MM) (OTCQB: MRRDF) (‘Meridian’) in relation to its Ariquemes Tin Exploration Project (‘the Project’) in Brazil.
The terms are consistent with those indicated in the LOI, whereby the Group can earn an equity interest of 75% in the Project by spending US$3m over a four-year period, in two phases. Given that the soon to be completed hand-over of Orosur’s Colombian Anzá Project’s operatorship will free up operational capacity with support from a balance sheet that presently holds free cash of c.US$5m, this new high-potential, early-stage JV provides management with the opportunity to diversify shareholders’ interests by geography and geologically with a new and highly critical commodity.
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