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Armadillo Resources Announces $30M Letter of Intent re Joint Venture on Brazil Exploration Project

Armadillo Resources (ARO.V) announced it has entered into the final stages of negotiation with Secured Capital Investment Group of Concord, California, regarding a 70% interest in the Aripuana property, Amazon Basin, Brazil. A Letter of Intent has been provided to the company by Secured Capital, indicating a $5 million cash payment and a $25 million work program. Management cautions investors this LOI is an expression of interest and is non-binding by both parties. The transaction is subject to any required regulatory approval, third party consents, customary due diligence and a definitive participation agreement. There is no certainty that a binding agreement will be entered into with Secured Capital. The company said it remains the operator at a cost plus 15% mark-up.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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