Ecometals Limited (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) has announced that prepayment has commenced with regards the first tranche of US$2m in respect of the sale of its Condor Gold project.
The closing of the sale transaction is expected to close on or before 30th December 2010, with the balance of the first tranche paid by that date. Also, the Company reports that in an Agreement dated 15th December, Alca Gold Limited has assigned its entire interest and obligations under the restated share purchase agreement of November 19 2010 to Ecuador Capital Corp. ("ECC") also of Vancouver.
Ecometals has agree to sell its 90% shareholding in Condormining Corporation S.A. ("Condor") and Condorview S.A. ("Condorview") for the sum of US$7 million based on the following payment schedule;
$2,000,000 is being prepaid in tranches from today until Closing
$2,500,000 is payable on or before May 31, 2011;
$2,500,000 is payable on or before November 30, 2011.
If after the initial payment of US$2,000,000 ECC fails to make the subsequent payment(s) then the shares in Condor and Condorview will revert to Ecometals, and Ecometals will not have to refund payment(s) made by ECC up to the point of non payment.
Source: Ecometals Limited