Excalibur Mining (ASX:EXM) and Pinto Minerals have signed an agreement to acquire a 75% stake in an early stage producing manganese deposit in Zambia from Mayback Mining Services.The company will issue 10 million ECM shares to Mayback for its 50% stake in the lease, which is located close to a processing plant.It will also provide to Maybach convertible note funds of US$250,000 by 31st August 2015 and US$350,000 by 28th February 2016 to fund expansion of production.In addition, Excalibur will provide milestone payments of US$300,000 upon Maybach achieving EBITDA of US$1 million over a 12 month period and US$500,000 and a further 5 million ECM shares upon Maybach achieving EBITDA of US$5 million over a 12 month period. Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.
