The closing date of this arm’s length transaction shall not be later than 60 days following the date of the execution of the letter agreement.
Total consideration for the purchase of the Property is CDN$5,900,000 which shall be satisfied by the delivery to Anglo Swiss of a $100,000 non-refundable deposit within seven days of execution of this letter agreement, a payment of $800,000 on or before 60 days following the execution of this letter agreement and five payments totaling $5,000,000 with annual payments of $1,000,000 starting on or before the third anniversary following the closing date.
Jari Paakki , CEO commented, "Completion of this transaction will provide the Company with important short term cash in one of the most stagnant junior mining markets in recent history. It allows us to move forward with our rebranding initiatives that we believe will greatly improve the Company’s future ability to grow and increase shareholder value, and also provides future cash to sustain working capital, minimizing long-term financings and share dilution."
Completion of the transaction is subject to a number of conditions, including, but not limited to, confirmatory due diligence, the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange, and approval of the shareholders of Anglo Swiss .
