Highlights
?? The Partner is Shandong Provincial Bureau of Geology and Mineral
Resources (“SDGM”) from China. Shandong Province is home to one of four
Special Light Rare Earth Development Zones in China.
?? Placement of TUC shares at 10 cents to raise $2.25 million.
?? Stage 1 – SDGM to spend $4 million to earn 15% interest in the Stromberg
exploration areas;
?? Stage 2 – SDGM to spend a further $7.5 million to earn an additional 15%
interest in the areas;
?? Stage 3 – SDGM to spend a further $7.5 million to earn an additional 20%
interest in the areas;
?? The MOU provides SDGM with the opportunity to introduce a suitable Chinese
rare earths processing and producing company into a development project with
the intention to fully fund that project through to operation in return for a 50%
share of that project and certain off-take rights.
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