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Market: TSX-V
Sector: Oil & Gas Exploration & Production
EPIC: SHM
Latest Price: 0.16  (0,00%)
52-week High: 0.60
52-week Low: 0.14
Market Cap: 3.30M
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Saccharum Energy
www.proactiveinvestors.com/companies/news/11039/saccharum-energy-corp-to-earn-up-to-75-of-k-2-potash-property-in-argentina-11039.html

Saccharum Energy Corp. is a Canada-based capital pool company. The Company is engaged in the business of identifying and evaluating businesses and assets with a view to complete a qualifying transaction. The Company focuses to pursue a qualifying transaction in the resource sector.

Full Saccharum Energy profile here
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Marifil Mines agrees to joint venture for Argentina potash properties with Saccharum

17th Jun 2011, 2:38 pm by Olivia D'Orazio
Marifil Mines agrees to joint venture for Argentina potash properties with Saccharum

Argentina-focused mining company Marifil Mines (CVE:MFM) announced Friday that it has signed a definitive letter of intent with Saccharum Energy Corp (CVE:SHM), under which the two companies will form a joint venture.

The revised agreement, which cancels out the terms set out in the first letter announced last December, allows Saccharum to earn a 70% interest in Marifil's K-2 potash property in Neuquen Province, as well as the K-3 and K-4 potash properties in Mendoza Province, each in Argentina.

To earn the interest in all three properties, Saccharum must pay Marifil $1.5 million in cash, nine million shares of Saccharum common stock and conduct at least $12 million in exploration work on the property.

Saccharum must also purchase all shares of Oxbow Holdings Corp, Marifil's subsidiary, for $366,481. Oxbow shareholders can accept cash or Saccharum shares at a rate of $0.50 each.

Marifil, based in Vancouver, B.C., will retain a 1.5% net smelter royalty, which Saccharum may purchase for $15 million. Additional cash and share payments must be made for each property every year for a period of three years.

Saccharum, out of Calgary, Alberta, plans to spend $4 million in work throughout the next three years.

Both Marifil and Saccharum have agreed to incorporate these terms into a binding joint venture by mid-July.

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