Indicator Minerals Adds Colombian Emeralds to Gem Portfolio

Under the terms of the Letter Agreement, Indicator must issue 100,000 common shares to Rio Verde and spend $1,000,000 over 18 months (the "Evaluation Period") on the exploration and development of the Colombian emerald properties and the marketing and sales of cut and polished gemstones. U...

Full description

Saved in:
Bibliographic Details
Published inMarketwire
Format Trade Publication Article
LanguageEnglish
Published Toronto Intrado Digital Media Canada Inc 24.11.2009
Subjects
Counts, Bruce
Online AccessGet full text

Cover

More Information
Summary:Under the terms of the Letter Agreement, Indicator must issue 100,000 common shares to Rio Verde and spend $1,000,000 over 18 months (the "Evaluation Period") on the exploration and development of the Colombian emerald properties and the marketing and sales of cut and polished gemstones. Upon completion of the initial expenditure, Indicator will have the right to purchase 60% of Rio Verde by investing $5,000,000 into Rio Verde and issuing it a further 2.4 million common shares of IME stock. In addition, Indicator will have a onetime right to extend the Evaluation Period by an additional 18 months under certain conditions that include an additional $1,000,000 evaluation expenditure. The Letter Agreement is subject to the approval of the TSX Venture Exchange.