Bacanora Minerals Ltd. (TSXV:BCN) announced that Rare Earth Minerals Plc (REM) has satisfied all conditions under the terms of the agreement between the Company and REM, in regards to the El Sauz and Fleur lithium concessions, to earn a 10% interest in the subsidiary that will hold the Concessions.
As quoted in the press release:
In particular, REM has provided the Company with an upfront cash payment of $250,000, together with a further $500,000, which has been allocated towards the Company’s recently completed drilling program on the Concessions. With this condition having been satisfied, the Concessions are now in the process of being transferred to a newly formed Mexican subsidiary of Bacanora, following which shares therein will be issued to REM.
In addition to the foregoing, REM has also provided Bacanora with written notice of exercise of its option to increase its ownership in the Concessions to 30%, which will take effect after delivery by REM of a cash payment to Bacanora in the amount of $500,000, together with a further $1 million thereafter that is due within six months, the latter of which shall be used for further drilling and exploration expenditures on the Concessions.