TSX:AUMN - Post Discussion
Post by
nozzpack on Jul 17, 2020 9:41am
NEWS..LOI to Sell Santa Maria Project for $4 m US/Shares /NS
 - Click icon to view Analyst Opinions.  - Target Price or Analyst Rating was updated in the last 24 hrs.  |  | |
| Golden Minerals Signs LOI with Fabled Copper To Sell Santa Maria Silver-Gold Project | |
07:50 AM EDT, 07/17/2020 (MT Newswires) -- Golden Minerals (AUMN) has signed a letter of intent with Fabled Copper for a transaction that, if executed, would grant Fabled the option to acquire a 100% interest in Golden Minerals' Santa Maria silver-gold project located in Chihuahua State, Mexico. If executed, the transaction would see Fabled Copper pay $0.5 million in cash to Golden Minerals upon closing and Fabled Copper would issue 1.0 million Fabled Copper shares of common stock to Golden Minerals. It would also result in Fabled paying $1.5 million in cash to Golden Minerals one year after closing of the transaction and paying $2.0 million in cash to Golden Minerals two years after closing of the transaction. Upon exercise of the option, Fabled Copper would grant to Golden a 1% net smelter return royalty on the Santa Maria and Punto Com concessions, according to Golden Minerals' statement. In October 2019, Golden Minerals entered into a similar option agreement with Magellan Gold that gave Magellan a 150-day period in which to complete due diligence and secure funding for its purchase of the Santa Maria project. That agreement expired prior to execution. Friday's agreement provides a 10-calendar day period during which Fabled Copper will conduct its due diligence. | | |
Be the first to comment on this post