Post by
niceindy on Jul 22, 2020 10:01am
First Mining no longer holds any properties in Mexico
Sorry in the last post image didn't show up.
Below extract is from FIRST MINING GOLD CORP. Q1, 2020 financial report.
"Recent Developments
On April 28, 2020, the Company entered into a share purchase agreement with a thirdparty private company (the “Purchaser”) pursuant to which the Purchaser acquired all of the issued and outstanding shares of 0924682 B.C. Ltd. and 1089568 B.C. Ltd., two whollyowned subsidiaries of the Company that hold all of the shares of two Mexican companies that own all of the Company’s Mexican mineral properties. As a result, the Purchaser has acquired all 11 Mexican mineral properties that were previously held by the Company, for nominal cash consideration, and granted the Company a 2% NSR on 10 of the 11 mineral properties. The Purchaser has the right to buyback 1% of each of these 10 NSRs by paying US$1 million to the Company for each NSR in respect of which the buyback right is exercised. As of the date of this transaction with the Purchaser, First Mining no longer holds any mineral properties in Mexico, and this will allow the Company to focus its capital and resources on its Canadian mineral properties."
It states as of April 28, 2020, First Mining no longer holds any mineral properties in Mexico. Does that mean Gainey Capital Corp agreement with FIRST MINING GOLD CORP for Las Margaritas Gold Project, Mexico was terminated? Given that now Gainey Capital Corp does not have any rights on that property they didn’t released any news? Well they could have following news:
Gainey Capital Corp. is pleased to announce that because of non-fulfillment of FIRST MINING GOLD CORP agreement conditions we have lost all rights on Las Margaritas gold project in Durango, Mexico.