$SUBB acquisition on or before February 28, 2014 i
Post# of 144482
Posted On: 02/10/2014 9:54:11 AM
$SUBB acquisition on or before February 28, 2014 is to be finalized. According to the agreement, the company will acquire the Diamond Concession Rights located in the Republic of Central Africa for a total of 300 million restricted common shares of Suburban Minerals at a price of $0.20 and 10 million convertible preferred shares at a price of $10.00, establishing the acquisition price at $160 million USD. Each Preferred share is convertible into 50 common shares of the company upon Suburban Minerals receiving financing in the amount of $300 million USD from the Intergovernmental Organization.
In addition to the issuance of common and preferred shares, Suburban Minerals will pay a royalty of 2.5% of gross profits to the Intergovernmental Organization and 10% of the operational budget up to a maximum payment of $500,000 yearly.
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