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CDII > SEC Filings for CDII > Form 8-K on 21-Oct-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Financial Statemen

Item 1.01 Entry into a Material Definitive Agreement.

On October 9, 2013, through our wholly owned subsidiary CDII Minerals, Inc. ("CDII Minerals"), CD International Enterprises, Inc. (the "Company") entered into a binding Debt Acknowledgement Agreement with Seawolf Group Mineral Services Expoeraciones, Importaciones S.A., ("SWG") company incorporated in Chile.

Under the terms of this Agreement, SWG assumes the debt to CDII Minerals of $2,229,622.00 resulting from advances made by CDII Minerals as prepayment for iron ore to be procured from mines owned or controlled by SWG in fiscal 2011 and 2012. SWG is obligated to pay the full amount to CDII Minerals either through the sale of mining properties, payment of a royalty to CDII Minerals for all minerals sold, or through any other method acceptable to CDII Minerals within a seven year timeframe.

CD International had previously written off these advances in fiscal 2012 and expects to record a gain for any payments made by SWG pursuant to this agreement upon their receipt.

The terms of the Debt Acknowledgement Agreement described above are qualified in their entirety by reference to the agreement which is filed as Exhibit 10.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Debt Acknowledgement Agreement dated October 9, 2013, between CDII Minerals, Inc. and Seawolf Group Mineral Services Expoeraciones, Importaciones S.A.

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