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Renaissance Gold Inc Signs Letter of Intent to Sell AuEx Argentina to Atala Resources for Cash, Stock and Royalties


Tuesday, 29 Oct 2013 07:15am EDT 

Renaissance Gold Inc announced that Atala Resources Corporation has signed a letter of intent to purchase AuEx Argentina S.A, a wholly owned subsidiary of RenGold in exchange for cash, stock and a net smelter royalty. On signing the definitive agreement Atala will issue RenGold 500,000 common shares and will pay C$20,000 cash. On completion of Atala raising C$1 million, RenGold will receive an additional C$30,000. With raising another C$1 million RenGold will receive another C$50,000. RenGold will retain a NSR on all properties of 4% minus any underlying NSR not to be less than 1% nor greater than 3%. The purchase of AuEx will include the Covadonga and El Meridiano properties currently subject to an earn-in agreement between Atala and RenGold. 

Company Quote

0.23
-0.095 -29.23%
22 Oct 2014