More coin in the kitty Build, baby, build
Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company") is pleased to announce the payment of US$5,000,000 to Argonaut Gold Inc. ("Argonaut") in relation to the acquisition of the San Francisco Mine.
Pursuant to a definitive share purchase agreement dated March 5, 2020, as amended April 24, 2020, between Mexican subsidiaries of Argonaut and Magna for the acquisition of the San Francisco Mine,
Magna was required to pay US$5,000,000 plus a working capital differential by May 6, 2021.
Magna has completed the US$5,000,000 payment from working capital and provided a promissory note for the remaining balance of US$2,675,000 to be paid in four monthly installments commencing July 6, 2021 and ending October 6, 2021. T
The promissory note bears uncompounded interest at a rate of 5% per annum.
https://stockhouse.com/news/press-releases/2021/05/07/magna-gold-reports-on-final-payments-for-the-san-francisco-mine-acquisition