Ecometals Limited: Sale of Condor Gold Project Update
November 14, 2011 at 09:00 AM EST
TORONTO, ONTARIO--(Marketwire - Nov. 14, 2011) - Ecometals Limited (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) -
Ecometals Limited (the "Company") announces an update to its press release of May 31st 2011, in which the Company stated that the final payment of US$2,500,000 to be made by Ecuador Capital Corporation ("ECC") to the Company under the terms of its agreement (the "Sale Agreement") respecting the sale by the Company to ECC of the Condor Gold Project was to be made by ECC on or before November 30, 2011.
ECC has advised the Company that it has been delayed in its listing process on the TSX Venture Exchange, and has requested that the Company extend the deadline for such final payment. The Company and ECC have agreed to such extension, on the following terms:
(a) ECC has agreed to increase the amount of the purchase price under the Sale Agreement from US$7,000,000 to US$7,500,000 as consideration for the Company agreeing to such extension;
(b) the US$2,500,000 payment to have been made on or before November 30, 2011 has been reduced to US$1,250,000;
(c) a new payment of US$1,750,000 (comprised of the balance of the US$2,500,000 payment originally to have been made on or before November 30, 2011 in the amount of $1,250,000 plus the $500,000 to be paid on account of the increase in the purchase price) will be due and payable on or before March 31, 2012; and
(d) ECC has released from escrow US$500,000 to the Company in connection with the previously announced sale of the Company's FJTX license in Ecuador.
Ecometals Limited is a Canadian TSX Venture Exchange listed mineral exploration and development company focused on mineral resources in Latin America. Apart from its gold exploration in Ecuador, Ecometals also has significant manganese, iron and gold projects in Brazil at grass roots and development planning stages.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.