REG - Mineral & Financial - Investment Update

Mineral & Financial InvestmentsAnnouncement

23/06/2023 07:00

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RNS Number : 6614D  Mineral & Financial Invest. Limited  23 June 2023

MINERAL AND FINANCIAL INVESTMENTS LIMITED

 Investment Update: Ascendant Granted Six Week Extension to Deliver
Feasibility Study on The Lagoa Salgada Project

 

 

 

Camana Bay, Cayman Islands - 23 June 2023 - Mineral and Financial Investments
Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or the "Company") announces that it
and its joint venture partner, Ascendant Resources Inc. ("Ascendant"), have
agreed to an extension to the final delivery date of the feasibility study,
pursuant to the Earn-in Option Agreement for the Lagoa Salgada project. As a
result of the extension, the final delivery date of the feasibility study will
now be on or before August 3, 2023.

In consideration for the extension, Ascendant has agreed to grant M&FI
 500,000 common share purchase warrants. Each Warrant is exercisable into one
common share in Ascendant, and is exercisable at any time for a period of 30
months at a price of $0.20 per share.

 

As set out in the announcements of 25 May 2022 and 15 July 2022, M&F
currently holds a 50% interest in the Lagoa Salgada project through its
position in Redcorp - Empreendimentos Mineiros, Lda,, with Ascendant holding
the other 50%. Ascendant has an earn-in opportunity to increase its interest
in the project to 80% of the Lagoa Salgada project through the completion of a
feasibility study by the agreed deadline.

 

 

FOR MORE INFORMATION:

Jacques Vaillancourt, Mineral & Financial Investments Ltd.
            +44 780 226 8247

Katy Mitchell and Sarah Mather, WH Ireland
Limited                                 +44 207
220 1666

Jon Belliss, Novum Securities Limited
                             +44 207 382 8300

 

 

 

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
is now considered to be in the public domain.

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