Key Developments: Wolverine Minerals Corp (WLRMF.PK)

WLRMF.PK on OTC Markets Group - US Other OTC and Grey Market

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8 Jun 2012
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Latest Key Developments (Source: Significant Developments)

Tolima Gold Inc announces execution of amended agreement for divesting interest in certain Colombian Gold Properties to Wolverine Minerals Corp
Monday, 28 Jul 2014 08:00pm EDT 

Tolima Gold Inc:Says that it has further restructured the terms of its divestiture of certain mining concessions and other assets in Colombia to Wolverine Minerals Corp.As announced in December 2013, Tolima had previously entered into a share purchase agreement dated Dec. 4, 2013 through its subsidiaries Remedios Gold Holdings S.A., Remedios Gold S.A.S., Herbo Assets S.A. and Tolima Gold (Barbados) Corp. (collectively, the Sellers).Whereby Wolverine had agreed to acquire up to an 80 pct. interest in Remedios Gold from Herbo. In connection with the Original Agreement, Wolverine made a loan of $700,000 to Herbo, which was secured against 51 pct. of the shares of Remedios Gold.Says the sellers subsequently entered into a restated share purchase agreement dated April 29, 2014 with Wolverine, whereby Wolverine agreed to acquire up to a 90 pct. interest in Remedios Gold from Herbo.Tolima announces that the sellers have signed a further restated share purchase agreement dated effective July 9, 2014 with Wolverine, whereby Wolverine has agreed to acquire a 100% interest in Remedios Gold from Herbo in exchange for total consideration of $700,000.Says under the revised Transaction terms, Wolverine is no longer required to incur the $2 million in work commitments, or to pay the Sellers the 2.5 pct. net smelter return royalty on production from the Properties, that were required under the terms of the Prior Agreements.  Full Article

Wolverine Minerals Corp to acquire interest in colombia gold properties and processing plant from Tolima Gold Inc
Wednesday, 4 Dec 2013 05:31pm EST 

Tolima Gold Inc:Says Wolverine Minerals Corp. has entered into a share purchase agreement dated Dec. 4 with Tolima's subsidiaries, Remedios Gold Holdings S.A., Tolima Gold (Barbados) Corp. and Herbo Assets S.A., pursuant to which Wolverine has agreed to acquire up to an 80% interest in Remedios Gold from Herbo.Says in connection with the execution of the agreement, Wolverine paid Herbo $700,000 as an initial deposit.Says pursuant to the terms of theaAgreement, Wolverine will have up to 60 days to complete its due diligence with respect to the transaction.Says within five business days of giving notice to Herbo that it wishes to proceed with the Transaction, it will pay to Herbo, in addition to the Advance.Says $500,000 on the date that is six months after the Due Diligence Satisfaction Date; and $500,000 on the date that is 12 months after the Due Diligence Satisfaction Date for a total purchase price of $1,700,000.Says upon payment of the entire Cash Consideration, Wolverine will acquire 30% of the issued and outstanding shares of Remedios Gold. Wolverine will acquire an additional 50% interest in Remedios Holdings, for a total interest of 80%.Says as additional consideration, Herbo will be entitled to a 2.5% net smelter return royalty on all production from the Remedios Property.  Full Article

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