Newstrike Capital Receives $2 Million Termination Fee

Posted by

Vancouver, B.C., March 16th, 2010 – Newstrike Capital Inc. (“Newstrike” or the “Company”) – – announced today that it had received the $2 million termination fee that was due to it under the terms of its share purchase agreement with Desarrollos Mineros San Luis, S.A. de C.V. (“DMSL”). a wholly –owned subsidiary of Goldcorp Inc.

Under the share purchase agreement with DMSL, Newstrike agreed to acquire DMSL’s 21.2% interest in the Morelos Project in Mexico.  DMSL agreed that it would pay a $2 million termination fee if the transaction did not complete because of the exercise, by Gleichen Resources Ltd., of its right of first refusal to acquire DMSL’s interest.  On January 21, 2010 Gleichen announced that it had decided to exercise its right of first refusal.  The Gleichen / DMSL transaction closed on February 24, 2010.

Related Posts Plugin for WordPress, Blogger...

Add a comment