Sierra Resource Group Signs Binding Letter of Intent to Acquire Half of the Minority Interest in the Chloride Copper Mine
18 hours 57 minutes ago - Pr Newswire
Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company") announced that its board of directors has approved a Letter of Intent with the Medina Property Group LLC, owners of a minority share of the Chloride Copper Mine. The letter is a binding agreement for the parties to proceed to a final document for the purchase by the Company of half of the 20% minority interest in the Chloride Copper Mine from the Medina Property Group, LLC, in exchange for a cash payment of $1,200,000 and 20 million shares of Class A Common Stock of the Company. When concluded, the purchase would increase the Company's majority ownership in the Chloride Copper Mine from 80% to 90%.
