Musketeer Mining Limited acquired a majority stake in Lennons Find Project from Laconia Resources Limited (ASX:LCR) in cash and stock on January 2, 2014. The consideration includes cash payment of AUD 0.4 million comprising AUD 0.25 million on or before December 31, 2013; AUD 0.075 million on or before February 28, 2014 and AUD 0.075 million plus interest on or before March 31, 2014. Also within 7 days of Musketeer Mining Limited (MML) completing a capital raising, at Laconia's election, Laconia will be issued fully paid ordinary shares equal to 10% of the issued shares of MML or if the Lennons Find Project is acquired by a company which is already listed on the Australian Securities Exchange (ASX), issuing Laconia 10% of any securities issued as consideration for the acquisition of the Lennons Find Project. Lennons Find Project controls the mining assets and associated permits, namely a 95% interest in M45/368 and a 100% interest in E45/3293 collectively. Musketeer Mining has executed the transaction and the initial sum of AUD 0.25 million has been received by Laconia. The funds received will be utilized at the Rasuhuilca Project in Peru by advancing permitting and community agreements which are currently at an advanced stage.


Musketeer Mining Limited completed the acquisition of a majority stake in Lennons Find Project from Laconia Resources Limited (ASX:LCR) on January 2, 2014. The transaction has been completed excluding finalization of the 10% equity stake. As of January 21, 2015, Laconia has agreed the following additional final consideration with Musketeer Mining: a cash payment of AUD 0.075 million on or before March 31, 2015; and a cash payment of AUD 0.125 million on or before October 31, 2015. Laconia has confirmed with Musketeer Mining, also conditional on the Musketeer Mining and International Goldfields Limited transaction proceeding, that it has elected to receive 2.39 million shares in Musketeer Mining, representing 10% of Musketeer Mining.