From Stockwatch .
Charles Funk's Heliostar Metals Ltd. (HSTR), up two cents to 58 cents on 417,000 shares, has closed its acquisition of the Mexican exploration assets held by Audra Walsh's Florida Canyon Gold Inc. (FCGV: $0.66) -- assets carved away from Argonaut Gold Inc. during that company's acquisition by Alamos Gold Inc. (AGI: $26.96) this summer. The assets, which include the producing San Augustin and La Colorada mines as well as the Cerro del Gallo and San Antonio projects, cost Heliostar $5-million (U.S.).
More importantly, the closing confirms that Heliostar is not liable for up to $20-million (U.S.) in contingent payments that arose from its acquisition of the Ana Paula project, also in Mexico. Further, the arrangement eliminates up to $150-million (U.S.) in conditional option payments covering the San Antonio project.
Mr. Funk, CEO, was pleased to close the purchase. He cheered the combination of production, production growth and resource expansion, along with the removal of the $20-million (U.S.) in milestone payments from Ana Paula, as moves that "establish Heliostar as a dynamic growth company in 2025 and beyond." With the deal now closed, Mr. Funk says that investors can expect the company to provide 2024 production guidance -- it had best hurry -- and to present expansion plans for the La Colorada mine in the coming weeks.