Inception Mining sells Clavo Rico mine subsidiary to Mother Lode Mining for up to $5.4M

BLUSKY AI INC.

Sold all shares of Compañía Minera Cerros Del Sur (CMCS), owner of Clavo Rico mine in Honduras.
Total cash consideration of $5.4M: $2.7M already paid to satisfy debts, $2.7M due over 24 months.
Monthly payments start Mar 1, 2023: $25k first month, $50k for three months, then $100k for 20 months, final balloon.
Unpaid balance secured by 10% net smelter royalty; Company also receives 5% net profits interest up to $1M.
Effective date of disposition January 24, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BLUSKY AI INC. entered into Letter of Intent with Mother Lode Mining, Inc. valued at purchase price for the sale of CMCS by the Company to MLM consisted of the following cash considerat (effective 2023-01-12).

Action: entry
Agreement: asset purchase
Counterparty: Mother Lode Mining, Inc.
Value: purchase price for the sale of CMCS by the Company to MLM consisted of the following cash considerat
Effective: 2023-01-12

Exact text from the filing

On January 12, 2023, Inception Mining, Inc. (the “ Company ”) entered into a non-binding Letter of Intent (the “LOI”) with Mother Lode Mining, Inc. (“MLM”).

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Source: SEC EDGAR

accession 0001493152-23-003973

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