Pending completion of due diligence,
The Morrow, Bilbao and Zacatecas claims cover three base metal-silver prospects.
To acquire the land package, Diadem will buy all of the shares in the companies that hold the properties. The companies will have cash assets of about $500,000 at the closing of the deal in which Diadem will issue 5 million shares and 2.5 million 2-year warrants exercisable at 25 cents each.
One of the vendors, Portree, would retain either a 6.25% carried interest or a 2.5% net profits interest in the Morro project and be granted a 10% net profits interest in each of the other properties.
Portree would also receive certain cash payments payable by
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