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Brazil Potash Corp. Enters into Royalty Option Agreement with Franco-Nevada
Brazil Potash Corp. (NYSE American: GRO), an exploration and development company with a potash mining project located in the state of Amazonas, Brazil, entered into an option agreement with Franco-Nevada Corporation pursuant to which, in exchange for the payment by Franco-Nevada of US$1,000,000, Franco-Nevada acquired an option to purchase a perpetual royalty equal to 4% of the gross revenue from all of the muriate of potash Brazil Potash will produce and sell from its Autazes property. The purchase price for the royalty will be equal to the amount that would result in the forecasted royalty revenue yielding Franco-Nevada a 12.5% pre-tax internal rate of return.
Wildeboer Dellelce LLP acted as Canadian counsel for Brazil Potash with a team that consisted of Michael Rennie, James Brown and Natalie Tershakowec (corporate & commercial; mining, energy & natural resources) and Mariam Al-Shikarchy (tax).
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