StockMarketWire.com - Herencia has issued 580,000,000 ordinary shares to Consultoria y Services Mineros SA under the agreement for the exploration of Pastizal, announced on 24 Oct.

It said that as part of the terms of that agreement 1,250,000,000 ordinary shares were to be issued of which it has been agreed that 580,000,000 ordinary shares - approximately 6.03% of the enlarged share capital - would be issued to CSA at a price of 0.03p apiece.

CSA doed not hold any other shares in the company.

It said the remaining terms of the Pastizal and 50% Prodiga purchase agreement were:

1. A further 670 million HER shares to CSA conditional upon HER shares averaging at least 0.12 pence for a minimum of 90 days, and on achieving other mutual conditions;

2. 30 months US$150,000;

3. 42 months US$200,000;

4. Milestone payments up to US2m based on the following timeline and conditions. If the Company decides to proceed with the project subject to combined JORC 2012 Mineral Resource at Picachos and Pastizal exceeding 10 million tonnes grading average copper grade of 1%;

* 18 months US$600,000

* 36 months US$400,000

* If 20 million tonnes grading 1% copper identified then maximum payment is US$2m.

5. Debt payments to CSA of US$1.2m over 54 months.




At 9:11am: [LON:HER] Herencia Resources PLC share price was +0p at 0.08p



Story provided by StockMarketWire.com