Focus Ventures Ltd. (FCV.V) and Stonegate Agricom Ltd. (ST.TO) announced that they have signed a Letter of Intent by which Focus has the right to acquire, subject to successful due diligence, a 70% interest in Stonegate's Mantaro phosphate deposit, located 250 km east of Lima in the District of Junín, central Peru . Phosphate is a key nutrient used in the manufacture of fertilizers and is an integral part of the food supply chain.
Stonegate has granted Focus an exclusive right and option to acquire a 70% interest in the Mantaro property by investing a total of US$25 million over 4 years in exploration, including permitting and drilling, and including the completion of a feasibility study and an updated NI 43-101 Measured and Indicated Resource calculation.
Focus will have 90 days from the signing of the Letter of Intent to conduct due diligence and raise a minimum of $2 million to spend on the property. If Focus decides to proceed, it will implement a community relations and stakeholder engagement program during the first 6 - 12 months of the option to obtain the necessary land access agreements and drill permits required to commence exploration and drilling.
During the first year Focus will decide whether: the option will form a key project in a newly created phosphate company ("Newco") (with the potential addition of Focus's other phosphate assets in Peru and Colombia , including the 18,000 hectare Machay phosphate property located approximately 30km to the north of Mantaro), or the option will be held 100% by Focus.
As applicable, Stonegate will receive either a right to a board seat on Newco and 5.0% of the post-financing issued common shares of Newco, or 3.0 million common shares of Focus.
Finder's fees will be payable if Focus proceeds with this transaction.
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