11:45 AM EST - Iberian Minerals Corp. : announced that its subsidiary entered into an agreement with Ingenieria de Suelos y Explotacion de Recuros, whereby the subsidiary will buy the Aguas Tenidas underground mining division of Insersa for the sum of Euros 6,000,000, payable as to Euros 5,520,000 in cash and Euros 480,000 in common shares of Iberian. The cash portion of the consideration will be paid as to 30% on closing, 30% six months after closing, and the remaining balance of 40% in one year, the company stated. All future payments are without interest, Iberian noted. Iberian Minerals stated that the funds financing due on closing will be from existing funds on hand. The company said it will be revising its cash needs forecast as a result of the purchase for the balance of 2009. The transaction is subject to definitive documentation, board and regulatory approval, as required, and due diligence, and is expected to close on July 31, 2009. Iberian Minerals Corp.
shares V.IZN are trading up $0.01 at $0.44.
