Subscribe
Be the first with the news that moves the market- Aztec Minerals Corp. (AZT) and Kootenay Silver (KTN) have signed a purchase-and-sale agreement
- Under the terms of the agreement, Aztec will indirectly acquire Kootenay’s 35 per cent interest in the joint venture company that holds the Cervantes porphyry gold-copper project in Sonora, Mexico
- As payment for the acquisition, Aztec will issue to Kootenay 10,000,000 common shares in the capital of Aztec, at a price of C$0.25 per share, and Kootenay will retain a 0.5 per cent net smelter return royalty
- When the transaction is completed, JV Corp. will be a wholly-owned subsidiary of Aztec
- Aztec Minerals Corp is a mineral exploration company focused on the discovery of large polymetallic mineral deposits in the Americas
- Aztec Minerals Corp. was up 1.887 per cent, trading at $0.27 at 2:33 PM ET
Aztec Minerals Corp. (AZT) and Kootenay Silver (KTN) have signed a purchase-and-sale agreement.
Under the terms of the agreement, Aztec will indirectly acquire Kootenay’s 35 per cent interest in the joint venture company that holds the Cervantes porphyry gold-copper project in Sonora, Mexico.
As payment for the acquisition, Aztec will issue to Kootenay 10,000,000 common shares in the capital of Aztec, at a price of C$0.25 per share, and Kootenay will retain a 0.5 per cent net smelter return royalty.
When the transaction is completed, JV Corp. will be a wholly-owned subsidiary of Aztec.
The closing of the transaction is anticipated to occur on or about August 5, 2022.
“We are thrilled to announce this opportunity to consolidate a 100 per cent interest in the Cervantes porphyry gold-copper project and welcome Kootenay Silver as a major shareholder of Aztec,” stated Simon Dyakowski, CEO of Aztec.
“We now look forward to continuing to define the open pit, heap leach gold potential of the porphyry gold oxide cap at the California Zone and evaluating the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap,” he added.
“We believe this agreement is a win-win deal and that the best way to move Cervantes forward is with consolidated ownership of the project,” said James McDonald, CEO of Kootenay.
“Becoming Aztec’s largest shareholder and retaining an NSR provides Kootenay Silver the upside in the project, and allows Kootenay to monetize on one of its many assets,” he added.
Aztec Minerals Corp is a mineral exploration company focused on the discovery of large polymetallic mineral deposits in the Americas.
Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico.
Aztec Minerals Corp. was up 1.887 per cent, trading at $0.27 at 2:33 PM ET.
