NSX Silver (NSY.V) announced they were able to extend the payments to acquire 100% of the Dios Padre project in Mexico by three years. Instead of having to pay $250,000 by the end of July in this year, the company now only has to pay the amount in 2016. Accordingly, all other property payments have been extended by three years, so the final payment of $3.65M is now due in 2019 instead of 2016.
As consideration for this 3 year extension NSX Silver will engage the vendor of the property as a consultant to the company for an annual fee of $125,000.
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Disclosure: The author holds a long position in NSX Silver. Please see our disclaimer for current positions.
