Redzone Resources Acquires Almendra Property in Portugal
TSX VENTURE: GBML
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 20, 2017) - Redzone Resources Ltd. ("Redzone" or the "Company") (TSX VENTURE:REZ) is pleased to announce that it has entered into a binding letter agreement (the "Agreement") providing for the acquisition by the Company of a 100% interest (subject to state royalties ranging up to 4% or net profit interests of 10%) in the 9.8km2 concession known as the Almendra property (the "Property") upon the grant of such concession by the applicable regulatory authorities. The Property is located in the Souto - Almendra Lithium Pegmatite Field in north-eastern Portugal. The Almendra area has excellent mining infrastructure with the producing Bajoca Mine being 6 km to the east and there are several other operating feldspar/lithium mines located in Spain a few kilometers across the border.
In order to earn its interest in the Property, the Company is required to (a) make a cash payment to the vendor in the amount of Cdn$8,000 upon the later of (i) receipt of TSX Venture Exchange approval of the transaction; and (ii) the date on which the vendor submits the necessary materials to transfer the interest in the Property to Redzone; (b) issue an aggregate of 50,000 common shares ("Common Shares") upon the earlier of (i) the date upon which the interest in the Property is transferred to Redzone; and (ii) the date that is four months following the date of the Agreement; and (c) make a cash payment in the amount of EUR2,500 in order to establish a performance bond relating to the Property, all in accordance with the terms and conditions of the Agreement.
The Agreement remains subject to, among other things, the receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange.