Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF) has amended the terms of the earn-in and call option agreements with Mineral & Financial Investments AG to provide the company with an extension to June 22, 2023 to complete its Feasibility Study, and to earn an 80% interest in the Lagoa Salgada Project, located in Portugal.
The company will only exercise call options further diluting M&FI’s interest, which will result in Ascendant maintaining its indirect 80% interest in the project, after six months post the date on which the company increases its ownership of Redcorp to 80% or immediately post Empresa de Desenvolvimento Mineiro S.A.’s election to participate in the project.
The company anticipates completing the Feasibility Study by 1Q 2023.
Mark Brennan, Executive Chairman commented: “We are pleased to complete this amendment with our partners. The additional time to complete our Feasibility Study, while not critical, also allows us the flexibility to pursue some of the exciting exploration opportunities we are witnessing at Lagoa Salgada in parallel with completing our infill campaign and feasibility work.”
For further information please visit: https://ascendantresources.com/
