As a means to advance its South American projects,
The trade, which is subject to regulatory and board approvals, would also see Bema receive 1.9 million warrants from Ecuadorian Minerals. The warrants can be exchanged for shares at $2 each within two years of the deal’s close.
As part of the deal, Bema can elect one member to Ecuadorian’s board within three years and retains a right of first refusal on additional financing or joint ventures formed by that company during this period.
Ecuadorian says proceeds from the sale of any Bema shares would go towards its Beroen and Vetaspata gold properties in Ecuador and Peru, respectively. Drilling at the former property has returned up to 8.1 grams gold and 80 grams silver per tonne over 35.2 metres of a breccia body that sits near the surface. An 18-hole program is in progress at Vetaspata, where a series of flat-lying sedimentary horizons, or mantos, has returned more than 40 grams gold in rock samples.
Among EMC’s other properties in Ecuador is Gaby, where, according to an independent prefeasibility study, resources stand at 107 million tonnes grading 0.9 gram gold per tonne. The resource is held in a porphyritic intrusion.
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