Post by
FabCH18 on Nov 06, 2013 8:03am
San Augustin project sold by Silver Standard
Before Tepal, Geologix focus was the San Augustin project in Mexico. They had an option with Silver Standard to purchase it after some work (they got resources estimates of around 4,7 mio ozs of AuEq without lead and zinc). Bad luck, they had to finance the purchase (34 mio$) at a time when nobody would do it just after 2008 crash... and SSR didn't accept to postpone any delay...
With just a few work on the property, Silver Standard has just sold it to Argonaut Gold for around 220 mio$ (altogether):
[url=https://www.argonautgold.com/news_events/index.php?&content_id=140][/url]
Soon after Geologix purchased Tepal. I bet Geologix management learned a lot through this painful failure and that they will get their "revenge" with Tepal next year !
Cheers,
Comment by
hammer161 on Nov 17, 2013 4:24pm
The deal includes $30 milllion dollars woth of shares NOT 30 million shares. The NSR is a condition of the sale not part of the price.
Comment by
FabCH18 on Nov 19, 2013 9:15am
Thanks for pointing out my misreading about Argonaut shares ;-) Cheers,