Marifil Retains 8% Royalty
LAS VEGAS, NEVADA -- (Marketwire) -- 11/15/10 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announces that it has sold its El Carmen oil and gas property to Ilakon Ltd. ('Ilakon') a private company.
Ilakon has agreed to purchase the El Carmen property for $250,000 of which $125,000 is payable on signing and $125,000 is due in 12 months. Marifil has the option of taking the second payment in stock if Ilakon has gone public or is in the process of going public. In addition, Marifil retains an 8% production royalty from gross proceeds of sales of oil and gas. Ilakon will begin paying Marifil an annual advance royalty of $75,000 beginning at the earlier of commencement of production or 24 months from the date of the Agreement.
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