Bocana Resources Corp. (TSXV:BOCA) signed a non-binding Letter of Intent to acquire Empresa Minera Inti Raymi S.A. for $75 million on March 25, 2024. Pursuant to the LOI, Bocana may acquire a 100% ownership interest in INTI RAYMI, through the acquisition of all of the outstanding shares of INTI RAYMI.

In aggregate, the parties have agreed that the purchase price for the IR Shares shall be up to a total of $75 million subject to adjustments to be described in the Definitive Agreement, which shall include all assets associated with the Project, equipment, land, records, data, etc. of INTI RAYMI. The Purchase Price is expected to be paid as follows: (i) a cash down payment of $3 million upon the closing of the Transaction; and (ii) the balance of the Purchase Price to be financed by INTI RAYMI shareholders to be satisfied through the expected monthly cash flow, at terms to be negotiated in the Agreement.

BOCANA and INTI RAYMI will undertake to negotiate the Definitive Agreement within one hundred twenty (120) days following execution of the LOI, or such later date as the parties may mutually agree, and subject to the results of the due diligence investigations to be conducted by the Company. Such agreement is to be in form and substance satisfactory to the parties, including representations and warranties to each party customary in transactions of this nature and the agreed upon schedule of payments for the purchase of the subject Project owned by INTI RAYMI. The transactions contemplated by the LOI are subject to the following conditions: the entering into of a definitive share purchase agreement in respect of the Transaction by the shareholders of INTI RAYMI and Bocana.

The Definitive Agreement will describe the terms and conditions upon which the Transaction will be completed; the entering into of the Definitive Agreement will be subject to the prior approval of the boards of directors of each of Bocana and INTI RAYMI; the completion of a financing by Bocana for gross proceeds of up to $7 million with the offering structure to be determined in the Definitive Agreement; the completion of satisfactory due diligence by Bocana; and approval of the TSX Venture Exchange.