Has anybody had any dealings or knowledge of Potomac Mineral Group?
My sister received a Letter of Intent from Potomac Mineral Group to sign and return. It seems from the agreement wording that it gives Potomac 45 days to determine whether they want to purchase the minerals at the price stated, but they are under no obligation to purchase said rights at said price even if title search confirms her ownership. She also conveys the right for the grantee to assign the rights to another company or individual. This makes me think that Potomac is just gaining the legal right to shop the mineral rights around for a higher offer and then transfer them to the other party and make their profit on the difference and, If no higher offer is obtained, they can chose not to buy the rights at the price offered and My sister won't be able to entertain any other offers in this period of 45 days.
P.S. I have sold my identical rights recently, so I know the title search will show clear title.
Any comments? Thanks