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Prime Meridian Resources ( (TSE:BEM) ) just unveiled an announcement.
Brasnova Energy Materials Inc. has assigned its option on the Cuatro Hermanos (4H) Project to 4H Copper Holding SAS under a binding agreement that sees 4HCH assume all future development financing and underlying obligations, including an immediate US$200,000 payment to cure Brasnova’s default under the original option terms. In return, Brasnova will receive up to US$2.0 million in staged cash payments over 24 months, retain a 1% net smelter royalty on future production and nearby concessions, and plans to use the approximately C$2.75 million in proceeds primarily to pay down more than C$1.6 million in existing loan obligations, while 4HCH’s failure to complete the payments or fund obligations would cause the project interest to revert to Brasnova; the company also announced the reappointment of Edward Low as chief financial officer, with associated stock options subject to regulatory and shareholder approvals.
More about Prime Meridian Resources
Brasnova Energy Materials Inc. is a Vancouver-based company focused on securing, developing and monetizing Brazilian critical materials assets and related materials technologies, with the aim of building shareholder value in the energy materials sector.
Average Trading Volume: 30,727
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$4.42M
See more data about BEM stock on TipRanks’ Stock Analysis page.