Bell Copper agreements for Arizona properties
2012-08-17 16:29 ET - Property Agreement
See Property Agreement (C-BCU) Bell Copper Corp
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The TSX Venture Exchange has accepted for filing a purchase and sale and royalty agreement dated March 11, 2012, between Bell Copper Corp.'s wholly owned subsidiary, Bell Resources (Nevada) Corp., and Bennu Properties LLC (Albert W. Fritz, Jr./Edith Spencer Fritz), Albert W. Fritz Jr., and Edith Spencer Fritz (the vendors) whereby Bell Copper has acquired the surface and subsurface rights comprising the Van Dyke copper property that is located in Miami, Ariz. The consideration to the vendor is $2.5-million over an eight-year period. In addition, the company will issue 5.6 million common shares to RAM Opportunities LLC pursuant to the terms of an agreement whereby the company acquired the option to purchase the property from the vendors. The vendors have been granted a royalty equal to 2.5 per cent of the gross smelter return of which up to 2 per cent can be repurchased by the company prior to the second anniversary for $1.5-million (U.S.) for each 1 per cent. The cash consideration of eight payments of $250,000 (U.S.) each are considered prepayments on amounts owing under the royalty upon production.