The TSX Venture Exchange has accepted for filing a binding letter of intent dated Dec. 8, 2020, between Salazar Resources Ltd. and Minera Mesaloma S.A., whereby the company may acquire a 100-per-cent interest in the Los Santos 2.1 project, located in Ecuador. Consideration is $4,025,000 (U.S.), with $4-million (U.S.) payable in either cash or units of the company at the company's election. Each unit comprises one share and one-half share purchase warrant. Each unit will be issuable at the greater of 23 cents or the five-day volume weighted average price (VWAP) minus a discount of 7.5 per cent from the market price prior to the payment date. Each warrant is exercisable for 18 months at the greater of 30.5 cents or the market price prior to the payment date.
For full details including the net smelter return (NSR) royalty, please see the company's news release dated Dec. 10, 2020.
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