With our deal the vendors end up partners in the JV entity....

With our deal the vendors end up partners in the JV entity. Sounds like a real commitment. Dont know what the story is with the introducer getting a cut of the action, but if that was on the table when BHP looked at this, there would have been zero chance they would have agreed to share a project with an introducer i would think.

Deal terms

Mining Group has entered into an option agreement to acquire up to 90% of the Project through its 85% owned Chilean subsidiary Minera El Roble SpA (Minera El Roble).

Upon exercising of the option agreement preferred shares in Minera El Roble will be issued to the vendor so that the vendor will then hold 20% of the issued shares of Minera El Roble and the concessions will be transferred into the ownership of Minera El Roble. Mining Group will then hold a 68% interest and the introducer will hold 12% of the issued shares of Minera El Roble.

The total purchase price for Mining Group to acquire an initial 68% of the Project is US$8 million paid over a 48 month period.

Under the agreement, the company may elect to pay an additional US$8 million to the vendor at the completion of a feasibility study, or within two years of exercising of the option to acquire a further 10% of the project.