News: Approval and update 2023-05-30 12:04 ET - News Release
TORONTO, May 30, 2023 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the "Company") (TSX.V: GOG) is pleased to announce it received approval from Mexico’s antitrust agency, the Comisin Federal de Competencia Econmica ("COFECE") on May 25, 2023, for the previously announced acquisition of the La Parrilla Silver Mine Complex (“La Parrilla”) (the “Transaction”).
In addition, Golden Tag and First Majestic Silver Corp. (“First Majestic”) have amended the Asset Purchase Agreement dated December 7, 2022 to reduce Golden Tag’s minimum required financing to $7.2 million from $9 million.
As previously announced, Golden Tag has closed on two tranches of its non-brokered private placement financing with aggregate subscription receipts totaling $6.9 million. The Company has received further subscription commitments, which when combined with the first two tranches, total in excess of $7.2 Million.
Completion of the proposed Transaction is subject to a number of conditions including, but not limited to the approval by the Golden Tag shareholders of the creation of a new Control Person (as such term is defined under the policies of the TSXV), completion of the private placement financing, and receipt of all applicable regulatory approvals, including that of the TSXV. For further details of the Transaction, please refer to a copy of the Asset Purchase Agreement dated December 7, 2022, which can be found on the Company’s SEDAR profile.
The Mexican Senate recently approved reforms to the mining laws, which became effective on May 9, 2023, however the implementing regulations are still outstanding. Golden Tag and First Majestic are monitoring this development in the context of the Transaction.
About Golden Tag Resources
Golden Tag Resources Ltd. is a Toronto based mineral resource exploration company. The Company holds a 100% interest, subject to a 2% NSR, in the San Diego Project, in Durango, Mexico. The San Diego property is among the largest undeveloped silver assets in Mexico and is located within the prolific Velardea Mining District. Velardea hosts several mines having produced silver, zinc, lead and gold for over 100 years. For more information regarding the San Diego property please visit our website at www.goldentag.ca.