Golden Cross
5 년 전
TriMetals Mining Announces Class B Share Redemption Process and Redemption Amount
Press Release | 10/04/2019
VANCOUVER, BC / ACCESSWIRE / October 4, 2019 / TriMetals Mining Inc. (TSX:TMI and TMI.B) (OTCQB:TMIAF and TMIBF) (the "Company" or "TMI") is pleased to announce that it is to redeem each Class B share of the Company (the "Class B Shares") for the sum of $ US$0.09827 per Class B Share (the "Class B Redemption Amount") on November 4, 2019, and that it has sent letters to registered holders of the Class B Shares advising them of the redemption.
On August 29, 2019, the Company and its wholly-owned subsidiaries South American Silver Limited ("SASL") and Compañia Minera Malku Khota S.A., had entered into an agreement (the "Settlement Agreement") with the Government of the Plurinational State of Bolivia ("Bolivia") for US$25,798,000 to settle SASL's international arbitration against Bolivia for the 2012 expropriation of the Malku Khota project, and to transfer to Bolivia the exploration data of the Malku Khota project owned by the Company (the "Data"). (See TMI's press release dated August 29, 2019, for further details).
On September 5, 2019, pursuant to the Settlement Agreement, Bolivia deducted US$209,475 from the amount payable, in satisfaction of the Tribunal's cost order included in the Award, and paid US$25,588,525 to SASL as a final settlement amount for the Award and for the transfer of the Data by the Company to Bolivia. In accordance with the Class B Share provisions, after taking into account (a) the costs and expenses of the international arbitration proceedings, which include the amount payable to the third party funder of the arbitration (the "Fund") pursuant to the terms of the litigation funding agreement; (b) TMI's reimbursement for arbitration expenses that were paid by the Company and which were not covered by the Fund; and (c) the value of the Data transferred to Bolivia, the total redemption amount in respect of all of the Class B Shares is approximately US$11.436 million. As there are 116,375,152 Class B Shares issued and outstanding, the Class B Redemption Amount equals US$0.09827.
In accordance the Class B Share provisions, the Company will be redeeming all of the issued and outstanding Class B Shares on November 4, 2019 (the "Redemption Date") for an amount equal to the Class B Redemption Amount. On and after the Redemption Date, Class B shareholders will cease to be holders of Class B Shares and will not be entitled to exercise any of the rights of holders in respect thereof, other than the right to receive the Class B Redemption Amount for their Class B Shares.
The Company has sent to each registered Class B shareholder a letter of transmittal containing detailed instructions about the redemption process. Each Class B shareholder will need to sign, complete and return the letter of transmittal to AST Trust Company (Canada) ("AST"), the registrar and transfer agent for the Class B Shares, along with the certificate representing such holder's Class B Shares, in order to receive the Class B Redemption Amount.
About TriMetals Mining Inc.
TriMetals Mining Inc. (TSX: TMI and TMI.B, OTCQB: TMIAF and TMIBF) is a growth-focused gold exploration company creating value through the exploration and development of the near-surface Gold Springs gold-silver project in mining-friendly Nevada and Utah, U.S.A. The Company's Class B shares are listed on the Toronto Stock Exchange under the stock symbol "TMI.B" and on the OTCQB under the stock symbol TMIBF and have no interest in the properties or assets of the Company other than the collective entitlement to 85% of the net cash (after deducting all costs, taxes and expenses and the amount due to a third party that funded the costs of the arbitration), received by the Company from an award or settlement in relation to South American Silver's arbitration proceeding against Bolivia for the expropriation of the Malku Khota project in 2012.
CONTACT:
TriMetals Mining Inc.
Matias Herrero
Chief Executive Officer
mherrero@trimetalsmining.com
SOURCE: TriMetals Mining Inc.
View source version on accesswire.com:
https://www.accesswire.com/562013/TriMetals-Mining-Announces-Class-B-Share-Redemption-Process-and-Redemption-Amount
Golden Cross
5 년 전
TriMetals Completes the Sale of Escalones to Wealth Copper
Press Release | 09/27/2019
VANCOUVER, BC / ACCESSWIRE / September 27, 2019 / TriMetals Mining Inc. (TSX:TMI) (OTCQB:TMIAF) (the "Company" or "TMI") is pleased to announce that, further to its news releases of June 3, 2019, April 5, 2019 and December 4, 2018, it has closed yesterday the transaction (the "Escalones Transaction") with Wealth Minerals Ltd. ("Wealth") and its wholly-owned subsidiary, Wealth Copper Ltd. ("Wealth Copper"), pursuant to which Wealth Copper acquired 100% of TMI's interest in the mineral exploitation and exploration concessions and related assets that comprise the Escalones copper-gold porphyry project in Chile (the "Escalones Project").
Matias Herrero, President & CEO of TMI commented, "With the completion of the sale of the Escalones copper project to Wealth Copper, we have reached another important milestone in the Company. All efforts and attention to create value for the Company can now be focused on exploring and adding to the mineral resources of the Gold Springs project in southern Utah and Nevada. We are also becoming a leaner, more competitive, gold-focused company". Mr. Herrero also added "We are very pleased to be an important shareholder of Wealth Copper and to leverage Wealth Copper's technical and financial expertise to advance the exploration and development of the Escalones Project. We wish them success with their exploration plans".
As consideration for the Escalones Project, Wealth Copper (i) issued 25,000,000 common shares in its capital (each, a "Wealth Copper Share") to TMI, (ii) will pay TMI Cdn$1,000,000 in cash, of which Cdn$150,000 has already been paid, and (iii) granted TMI a 2% NSR royalty on the Escalones Project (See Press release dated June 3, 2019 for details on this royalty).
Wealth Copper is to pay the remaining Cdn$850,000 of the cash portion of the purchase price as follows: (a) Cdn$350,000 upon the closing of the Concurrent Financing (as defined below); and (b) Cdn$500,000 on the 12-month anniversary of closing of the Concurrent Financing.
The Wealth Copper Going-Public Transaction
Wealth Copper entered into a letter of intent with Allante Resources Ltd. (ALL.H) ("Allante" and after the closing of the Going-Public Transaction, the "Resulting Issuer") dated June 7, 2019 in respect of the Going-Public Transaction, whereby Allante will acquire, in a reverse take-over transaction, all of the issued and outstanding Wealth Copper Shares and continue the business of Wealth Copper in exchange for the issuance of common shares in the capital of Allante to the Wealth Copper shareholders on a one (1) for one (1) basis (the "Going-Public Transaction") (see Allante's new release dated June 13, 2019) which is expected to be completed in Q4 2019.
Concurrently with or prior to the closing of the Going-Public Transaction, Wealth Copper and/or Allante has to complete private placement financings to raise an aggregate of at least Cdn$5,000,000 (the "Concurrent Financing"), of which, at closing of the Escalones Transaction, Wealth Copper has already raised approximately Cdn$814,000 with the issuance of 8,140,000 Wealth Copper Shares at a price of Cdn$0.10 per Wealth Copper Share.
At closing of the Escalones Transaction, the 25,000,000 Wealth Copper Shares held by TMI represent 42.6% of the total issued and outstanding Wealth Copper Shares. TMI's ownership interest in the Resulting Issuer is not to be less than 30% immediately after giving effect to the Going-Public Transaction and the Concurrent Financing and TMI is to be granted the right to participate in future equity financings of the Resulting Issuer to allow TMI to maintain up to its pro rata ownership interest in the equity capital of the Resulting Issuer. In addition, following closing of the Going-Public Transaction, TMI and Wealth will each be granted the right to nominate one director to the board of directors of the Resulting Issuer for so long as each holds at least 20% of the issued and outstanding shares of the Resulting Issuer.
Pursuant to a letter agreement (the "Side Letter") entered into among Wealth and TMI, the parties to the Side Letter agreed to restrict the extent of their ability to transfer or sell shares held by them in the capital of Wealth Copper (or the Resulting Issuer) until the earlier of (i) the fifth anniversary of the closing date of the Escalones Transaction or (ii) the first date after such closing date on which either Wealth or TMI, directly or indirectly, cease to beneficially own more than 5% of the issued and outstanding common shares in the capital of Wealth Copper (or the Resulting Issuer).
Cristal Project
Wealth Copper also acquired from a third-party (New Energy Metals Corp.) an interest in and to the mineral exploitation concessions comprising the Cristal copper project, located in Region XV of Arica and Parinacota, Chile (the "Cristal Project"). The Cristal Project is a porphyry copper target located in northern Chile, near the Bolivia/Chile border and comprises 9 km2 of exploitation concessions.
About TriMetals Mining Inc.
TriMetals Mining Inc. (TSX: TMI and OTCQB: TMIAF) is a growth-focused gold exploration company creating value through the exploration and development of the near-surface Gold Springs gold-silver project in mining-friendly Nevada and Utah, U.S.A.
TriMetals Mining Inc. Contact:
Matias Herrero
Chief Executive Officer
mherrero@trimetalsmining.com
Forward-looking Statements
Certain statements contained herein constitute "forward-looking information" under applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "shall", "will", "expected" and similar expressions and include the expected closing of the Going Public Transaction and Concurrent Financing. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to risks more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of the date hereof.
SOURCE: TriMetals Mining Inc.
View source version on accesswire.com:
https://www.accesswire.com/561241/TriMetals-Completes-the-Sale-of-Escalones-to-Wealth-Copper
ospreyeye
11 년 전
TIAMF: TriMetals Mining Inc. (Formerly South American Silver Corp.) Files Annual 2013 Financial Statements and MD&A
http://www.otcmarkets.com/stock/TMIAF/news/TriMetals-Mining-Inc---Formerly-South-American-Silver-Corp---Files-Annual-2013-Financial-Statements-and-MD-amp-A?id=77731
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 20, 2014) - TriMetals Mining Inc. (formerly South American Silver Corp.) (TSX:TMI)(TSX:TMI.B)(OTCQX:TMIAF) reports the release of its audited consolidated financial statements for the year ended December 31, 2013 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.
The estimated working capital requirements for 2014, per the Company's existing plan, amount to $5,200,000 of which $2,550,000 are for general and administrative expenses (operating activities) and $2,650,000 for investing activities which mainly include exploration work in Gold Springs, Escalones and San Antonio projects. As at December 31, 2013, the Company had working capital of $10,415,697, including cash and cash equivalents of $11,921,723. As a consequence, the Company remains in a strong financial position to meet its working capital requirements for 2014 and to continue activities at its Escalones and Gold Springs projects and to pursue other corporate initiatives.
The Company's priorities for 2014 are to (i) diligently continue managing and preserving the Company's cash resources; (ii) continue international arbitration proceedings against Bolivia to recover full compensation based on the fair market value for the Malku Khota project; (iii) seek an appropriate joint venture partner for the Escalones copper-gold porphyry project in Chile whilst continuing permitting activities and metallurgical testing and analyzing existing data and core samples; and (iv) review the economic potential of the Gold Springs gold project to help determine if it should proceed along the engineering/development curve or continue the exploration phase to further expand the estimated resource, whilst continuing permitting activities and metallurgical testing and completing a NI 43-101 compliant Preliminary Economic Assessment (PEA).
Further details including the full financial statements and MD&A and information on each of the Company's projects, including the recently acquired Gold Springs Gold Project in Nevada/Utah, are available on the Company's website at www.trimetalsmining.com and on SEDAR at www.sedar.com.
Acquisition of High Desert Gold Corporation - Gold Springs, Nevada
On December 20, 2013 the Company acquired all of the issued and outstanding shares of High Desert Gold Corporation ("HDG") that it did not already own in an all-share transaction by way of a plan of arrangement (the "Arrangement") (See News Release NR 13-25 dated December 20, 2013).
The Company now holds a 100% interest in the 74 square kilometre Gold Springs gold project located in western Utah and eastern Nevada. HDG completed 56 drill holes at Gold Springs in 2012 and an additional 55 holes in the 2013 drill program. On February 26, 2014, the Company announced the completion of an updated resource estimate for the Jumbo and Grey Eagle Zones (NR 14-02, February 26, 2014) and On March 19, 2014, the Company filed a NI 43-101 Technical Report(1) that includes the updated 2014 resource (NR 14-05, March 19, 2014). The updated 2014 resource includes measured, indicated and inferred resource categories in comparison to the prior resource of 2013 which only included resources in the inferred category.
The gold-silver mineralization, at both the Jumbo and Grey Eagle Zones, remains open to expansion laterally and to depth as the drilling to date has typically only penetrated the top 150 metres vertically below the surface at Jumbo, and 200 metres below the surface at Grey Eagle. The ZTEM geophysical survey, completed in 2011, indicates that the gold-silver bearing geological/geophysical setting that has been drilled at the Jumbo may continue for approximately 8 kilometres along strike, much of which remains untested.
The exploration budgeted at Gold Springs for 2014 is $1,400,000 which includes, among other things, preparation of a preliminary economic assessment (PEA) to help the Company determine if it should proceed along the engineering/development curve or continue the exploration phase to further expand the resource, continuation of permitting activities including environmental and cultural studies, completion of a NI 43-101-compliant Technical Report that includes the updated 2014 resource, metallurgical test-work and other limited exploration activities.
Escalones, Chile
The Company believes that it needs a partner to develop this project due to its large size. Companies have been approached to gauge their level of interest in joint venturing the property. Reviews are ongoing.
The budgeted exploration at Escalones for 2014 amounts to $1,000,000 which includes further analysis of existing data and core samples, the continuation of environmental and permitting activities and metallurgical testing, and a $500,000 payment under its Option Agreement.
On May 2, 2013 the Company completed its drilling program at Escalones copper-gold project in Chile, with a total of 9,070 metres of drilling completed. On August 12, 2013, the Company filed a NI 43-101 Technical Report(2) that includes an updated resource estimate for Escalones (See News Releases 13-13 dated June 28, 2013 and 13-17 dated August 12, 2013) showing a significant increase in copper, molybdenum and gold resources as well as a category upgrade of approximately a third of the resource to Indicated from Inferred.
Malku Khota, Bolivia
Immediately prior to the acquisition of HDG, each shareholder of the Company received one TMI new Common Share and one TMI Class B Share for each common share previously held. The Class B Shares entitle the holders collectively to 85% of the net cash, if any, (after deducting all costs, tax and expenses and the third party funder's portion thereof) received from an award or settlement in relation to South American Silver Limited's arbitration proceeding against Bolivia following the expropriation of the Malku Khota project.
The Company continues to advance before the Permanent Court of Arbitration its international arbitration proceedings against Bolivia for the expropriation of the Malku Khota project. The three-person arbitration tribunal was formed on January 22, 2014 (See News Release 14-01 dated February 3, 2014). The tribunal next step is to set up a provisional timetable for the arbitration itself. This will include a schedule for submission of a Statement of Claim which South American Silver Limited expects to submit in 2014, a Statement of Defense and oral hearings at the court of arbitration. Unless there is a negotiated settlement of the dispute, it is expected that the arbitration can take up to several years from commencement of proceedings until rendering of a final award, hence any actual cash award, if there is one, would not be expected for some time and not in 2014.
On May 23, 2013 the Company entered into an agreement (the "Arbitration Costs Funding Agreement") with a third party funder (the "Fund") pursuant to which the Fund will cover most of South American Silver Limited future costs and expenses related to its international arbitration proceedings against Bolivia on a non-recourse basis. The Company has given certain warranties and covenants to the Fund and has provided security for its obligations. In consideration for the funding, South American Silver Limited and the Company have agreed to pay to the Fund a portion of any recoveries received by South American Silver Limited from Bolivia. (See News Release NR 13-12 dated May 24, 2013 for more details).
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.; the advancement of the large scale Escalones copper-gold project in Chile, and realization of value from the expropriated Malku Khota project in Bolivia through the arbitration process. South American Silver Limited is a company incorporated in the Bermuda Islands, an overseas territory of the United Kingdom, which through its wholly owned Bahaman subsidiaries: Malku Khota Ltd, G.M. Campana Ltd. and Productora Limited., owns 100% of the outstanding shares of Compañía Minera Malku Khota S.A., a Bolivian company, holder of the Malku-Khota mining concessions until their nationalization by the Bolivian Government. The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. The Company's common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols "TMI" and "TMI.B" and the common shares are listed on the OTCQX market under the symbols "TMIAF". Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.
Forward-looking statements
Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "will", "next", "plan", "may", "budgeted", "proceed", ""continue", "further", "potential", "expected", "believes", "creating", "realization" and "pursue" and similar expressions. This News Release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, uncertainties associated with the arbitration proceeding against Bolivia, including the quantum of damages to be obtained and the realization or collection of the value of any award or settlement; and risks of the mineral exploration industry which may affect the advancement of the Escalones or Gold Springs projects, including possible variations in mineral resources or grade, metal prices, availability of sufficient financing to fund further required work in a timely manner and on acceptable terms, timely receipt of required permits, availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, road access to the property, changes in project parameters as plans continue to be refined; and other risks more fully described in the Company's Annual Information Form filed and publicly available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the ability of the Company to realize value from its investments in Bolivia; the arbitration proceeding along a timeline consistent with other international arbitrations and the Fund honoring its contractual commitments, the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the timely receipt of required permits for Escalones and Gold Springs projects; the continuing support for mining by local governments in Nevada, Utah and Chile, the availability of equipment and qualified personnel to advance the Escalones and Gold Springs projects; and the execution of the Company's existing plans and further exploration and development programs for Escalones and Gold Springs Projects, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this News Release describe the Company's expectations as of March 20, 2014.
(1) Prepared by Ms. Terre Lane, President of Lane and Associates and Kurt Katsura, M.S., R.G, each a "qualified person" as defined in NI 43-101, and "independent" of the Company as defined in NI 43-10.
(2) Prepared by Jeffrey Choquette of Hard Rock Consulting, LLC and David Dreisinger of Dreisinger Consulting Inc.; each a "qualified person" as defined in NI 43-101 and "independent" of the Company as defined in NI 43-101,
TriMetals Mining Inc.
Ralph Fitch
President & CEO
303.584.0606
rfitch@soamsilver.com
TriMetals Mining Inc.
Matias Herrero
Chief Financial Officer
303.584.0606
mherrero@soamsilver.com
www.trimetalsmining.com
futrcash
11 년 전
Really Surprised the way the split was executed-
South American Silver Corp. and High Desert Gold Corporation Complete Plan of Arrangement
20 December 2013, Vancouver, British Columbia-South American Silver Corp. ("SASC")(TSX: SAC, US OTCQX: SOHAF) and High Desert Gold Corporation ("HDG")(TSXV: HDG, US OTCQX: HDGCF, FWB: 7HD) are pleased to announce the completion of their previously announced statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").
Under the Arrangement, SASC shareholders received one new SASC Common Share and one SASC Class B Share for each SASC common share previously held. The new SASC Common Shares carry voting, dividend and liquidation rights similar to SASC's former common shares. The Class B Shares carry redemption and retraction rights and rights on liquidation which entitle the holders collectively to 85% of the net cash, if any, (after deducting all costs, taxes and expenses and the third party funder's portion thereof)received by SASC from an award or settlement in relation to SASC's wholly-owned subsidiary South American Silver Limited's arbitration proceeding against the Plurinational State of Bolivia for the expropriation of the Malku Khota project. The Class B Shares are non-voting and non-participating in regards to dividends and on liquidation other than as described above.
Also under the Arrangement, HDG shareholders (other than SASC) received 0.275 of a new SASC Common Share for each HDG common share previously held.
In order to receive certificates for the new SASC Common Shares and SASC Class B Non-Voting Shares, as applicable, registered shareholders of SASC and HDG must deliver a properly completed letter of transmittal and certificates representing their shares to CST Trust Company ("CST") at the address specified in the letters of transmittal. The letters of transmittal were mailed to the registered shareholders on November 14, 2013 and are also available under applicable company's profile on SEDAR at www.sedar.com or by contacting CST directly. The letters of transmittal are for use by registered shareholders only and not to be used by non-registered beneficial shareholders of SASC or HDG. A beneficial shareholder does not hold its shares in its own name but such shares are held by an intermediary. If you are a beneficial shareholder you should contact your intermediary (typically a broker) for instructions and assistance.
Pursuant to the Arrangement, all outstanding HDG options and warrants are now exercisable to acquire SASC Common Shares, with the number of SASC Common Shares and exercise price adjusted, as appropriate, to reflect the consideration to be received by the HDG Shareholders pursuant to the Arrangement. Also, all outstanding SASC options and warrants have been adjusted and are now each exercisable to acquire one new SASC Common Share and one SASC Class B Non-Voting Share instead of a common share at the same exercise price.
The Toronto Stock Exchange has conditionally approved the Arrangement including the listing of the Class B Shares to be issued thereunder, with the new common shares and Class B Shares of South American Silver Corp. to commence trading on the TSX at the open of markets on Tuesday, December 24, 2013. Until the close of markets on Monday, December 23, 2013 the common shares of SASC and HDG will continue to trade on the TSX and TSX Venture Exchange, respectively. Following the delisting of HDG from the TSX Venture Exchange, SASC intends to cause HDG to apply to the relevant securities commissions for HDG to cease to be a reporting issuer under Canadian securities laws.
For further details about the Arrangement, please see the management information circulars of SASC and HDG each dated November 7, 2013 and the press releases of SASC and HDG dated October 21, 2013, December 9, 2013 and December 19, 2013, each of which is available on SEDAR at www.sedar.com.
Early Warning Reporting
As a result of the Arrangement, SASC acquired ownership over 70,763,900 HDG common shares, representing 81.5% of the total issued and outstanding HDG common shares and now owns 86,840,900 HDG common shares, representing 100% of the total issued and outstanding HDG common shares.
SASC issued 19,460,072 new SASC Common Shares to the former shareholders of HDG in exchange for 70,763,900 HDG common shares. SASC acquired the HDG common shares to combine HDG's business with SASC's business. An arrangement under a statutory procedure is a prospectus exempt distribution under National Instrument 45-106.
About South American Silver Corp.
South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the large scale Escalones copper-gold project in Chile, the pursuit of new opportunities and the realization of value from the Malku Khota project in Bolivia. SASC's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. Additional information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com. SASC's address is Suite 880 - 580 Hornby Street, Vancouver, British Columbia, V6C 3B6.
About High Desert Gold Corporation
High Desert Gold Corporation is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The major properties held by HDG are the 100% owned Gold Springs gold project situated along the border between Utah and Nevada and the San Antonio project in Sonora, Mexico. HDG also has a 26.8% equity interest in Highvista Gold Inc that owns the Canasta Dorada property in Sonora, Mexico. There has been insufficient exploration to define a property-wide mineral resource at Gold Springs and it is uncertain if further exploration will result in the targets at Gold Springs being delineated as a mineral resource. Additional information related to High Desert Gold Corporation is available at www.hdggold.com and on SEDAR at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
For further information contact:
Ralph Fitch
Ralph Fitch
President & CEO
303.584.0608 Richard Doran
Richard Doran
Investor Relations
303.584.0608
Forward-looking statements
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward- looking statements may include words such as "will", "expected", "creating", "development", "pursuit", "realization" and similar expressions. Information concerning mineral resource estimates may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a mining project is actually developed. These forward- looking statements are based on current expectations and entail various risks and uncertainties
Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, possible variations in mineral resources, grade, metal prices; availability of further financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; uncertainties associated with the arbitration proceeding against Bolivia, including the quantum of damages to be obtained and the realization or collection of the value of any award or settlement; regulatory, environmental and other risks of the mining industry more fully described in HDG's Management Discussion & Analysis of Financial Position and Results of Operations and SASC's Annual Information Form, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; Nevada and Utah continuing to be pro-mining states; the availability of equipment and qualified personnel to advance the Gold Springs and Escalones projects; execution of existing plans and further exploration and development programs for Gold Springs and Escalones, which may change due to changes in the views of management or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release. Except as required by law, neither SASC nor HDG assumes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this news release describe the expectations of SASC and HDG as of December 20, 2013.
This is not an offer of securities for sale in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from SASC and will contain detailed information about the company and management, as well as financial statements. SASC does not intend to register any part of the present or proposed offering of securities in the United States.
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futr
futrcash
11 년 전
21 October 2013, Vancouver, British Columbia-South American Silver Corp. (TSX: SAC, US OTCQX: SOHAF) is pleased to announce that it has entered into an arrangement agreement (the "Agreement") pursuant to which South American Silver Corp. ("SASC") will acquire all of the issued and outstanding shares of High Desert Gold Corporation ("HDGC") that it does not already own in an all-share transaction by way of a plan of arrangement (the "Arrangement"). HDGC shareholders (other than SASC) will receive 0.275 of a SASC Class A Share for each HDGC share they hold. SASC currently owns 16,077,000 common shares of HDGC (18.5% on an undiluted basis). Upon completion of the Arrangement, SASC shareholders and HDGC shareholders will own approximately 85.6% and 14.4%, respectively, of the Class A Shares of the post-Arrangement entity.
As part of the Arrangement, immediately prior to the acquisition of HDGC, SASC will spin out to its shareholders, Class B Shares which entitle the holders collectively to 85% of the net cash proceeds received from any award or settlement in connection with the ongoing dispute with Bolivia related to its expropriation of the Malku Khota Project.
Completion of the Arrangement is subject to a number of conditions, including the receipt of the requisite approval of the shareholders of HDGC and the shareholders of SASC, the approval of the Supreme Court of British Columbia and stock exchange approval. See "Details of the Arrangement" below.
As part of the acquisition of HDGC, SASC will obtain a 100% direct interest in HDGC's Gold Springs project, located along the Nevada/Utah border. Gold Springs is a new development gold-silver district, with a total land package of 74km2 which HDGC has been exploring. An initial Inferred resource has been announced at Gold Springs (See HDGC PR13-07, March 28, 2013) and additional drilling in 2013 has expanded the mineralized zones beyond the footprint of the reported resource. The Inferred resource, which is based on only two of eighteen identified targets at Gold Springs, is summarized in the table below:
Cut-off Grade
Gold
Silver
Gold Equivalent AuEq
(AuEq)
Tonnes
Grade (g/t)
Troy Ounces
Grade (g/t)
Troy Ounces
Grade (g/t)
Troy Ounces
0.3 g/t
19,373,085
0.48
301,756
10.4
6,476,149
0.67
415,254
1 AuEq means gold-equivalent. AuEq calculations for Gold Springs reflect gross metal content using a metal price ratio of 57.14 Au/Ag and have not been adjusted for metallurgical recoveries.
In announcing the proposed merger, Phillip Brodie-Hall, President and CEO of South American Silver Corp., commented:
"This is an excellent development for both companies. It puts South American Silver back into precious metals through the acquisition of the Gold Springs gold-silver project. Gold Springs straddles the border of Utah and Nevada, both of which are pro-development, safe, mining-friendly states. Gold Springs is an outcropping, near-surface gold-silver deposit which early metallurgical test-work suggests will produce material that is amenable to heap leaching. This all means that, should the Gold Springs deposit prove economic after further exploration and engineering studies, it could be brought into production relatively quickly with minimal technical risk and at reasonable capital costs. I am very excited about this opportunity."
Ralph Fitch, President, CEO and Chairman of High Desert Gold Corporation went on to say:
"I, too, am very excited about this opportunity and agree that this is an excellent development for both companies. It provides HDGC shareholders with the financial resources to have a continuing interest in this important, developing exploration property as well as exposure to the other major assets of SASC. Gold Springs' exploration and development will be the immediate focus of the merged company and will be achievable through the availability of funding and the existing exploration team. This year's drilling at Gold Springs has been very successful in expanding the footprint of mineralization in the Grey Eagle target to beyond the limits of the reported resource. Now with the additional funding we will be able to continue this expansion and move towards developing a PEA and an updated, expanded resource in the near term."
The Arrangement also gives SASC's shareholders, immediately prior to the acquisition of HDGC, a potentially significant new benefit in the form of a Class B Share for each existing share of SASC. The holders of these new shares will collectively receive 85% of the net cash proceeds (after costs, including applicable taxes, and the third party funder's portion of any award or settlement) that is received from any arbitration award or settlement in favour of South American Silver Ltd. arising from the Bolivian government's expropriation of the Malku Khota project in 2012. A Preliminary Economic Assessment published in 2011 (see SASC NR11-03, dated 31 March, 2011) reported pre-tax NPV at a 5% discount rate of $704 million at "base case" silver price of $18.00/oz silver, increasing to a NPV5% of $1.536 billion at the "middle price case" of $25.00/oz silver.
Management of the combined company will be led by Ralph Fitch, as President and CEO, with a management team comprised of Matias Herrero (Chief Financial Officer), Randy Moore (EVP of Exploration - North America) and Felipe Malbran (EVP of Exploration - South America).
Details of the Arrangement
The proposed transactions will be carried out by way of a plan of arrangement under the Business Corporation Act (British Columbia). (the "BCBCA"). Prior to implementing the Arrangement, each of SASC and HDGC will become subject to the BCBCA via a continuance under corporate law, exporting from the Canada Business Corporations Act which currently governs each of SASC and HDGC.
Under the Arrangement, immediately prior to the exchange of the outstanding securities of HDGC for securities of SASC, each SASC shareholder will exchange each of its SASC common shares for one SASC Class A Share and one SASC Class B Share. The Class A Shares will carry voting, dividend and liquidation rights similar to SASC's current common shares, while the Class B Shares will be non-voting and non-participating in regards to dividend and liquidation rights.
Post Arrangement, each pre-Arrangement outstanding SASC option and warrant will be exercisable to acquire one SASC Class A Share and one SASC Class B Share instead of a common share at the same exercise price.
HDGC shareholders (other than SASC) will be issued a total of 19.46 million Class A Shares in exchange for their HDGC common shares, representing approximately 14.4% of the Class A Shares outstanding after the Arrangement. All outstanding HDGC's options and warrants will be replaced or assumed by SASC and exercisable to acquire SASC Class A Shares with the number of SASC Class A Shares and exercise price proportionately adjusted to reflect the consideration to be received by the HDGC shareholders pursuant to the Arrangement.
Implementation of the Arrangement is subject to a number of conditions, including approval by at least 66 2/3% of the votes cast, together with minority approval, by shareholders of HDGC and approval by at least 66 2/3% of the votes cast by shareholders of SASC, in each case at separate special meetings of such shareholders that are expected to be held in December 2013, approval of the Supreme Court of British Columbia, approval of the Toronto Stock Exchange and the TSX Venture Exchange, completion of definitive closing documentation and such other conditions as are customary for a transaction of this nature. There can be no assurance that such conditions will be met and if they are not met or waived the Arrangement will not be implemented.
The Agreement also provides for, among other things, customary board support and non-solicitation covenants from HDGC (subject to "fiduciary out" provisions that entitle HDGC to consider and accept a superior proposal and a right in favour of SASC to match any superior proposal). The Agreement also provides for the payment of a termination fee to SASC of $250,000 should HDGC accept an unsolicited superior proposal and terminate the Agreement.
The Board of Directors of SASC has received an opinion from GMP Securities L.P., its financial advisor, that as of the date of the Agreement, subject to the assumptions, limitations and qualifications described therein, the Arrangement is fair, from a financial point of view, to SASC's shareholders. The Board of Directors of SASC is recommending that SASC shareholders vote in favour of the Arrangement.
Advisors
GMP Securities L.P. is acting as financial advisor to SASC and its board of directors. Gowling Lafleur Henderson LLP is acting as legal advisor to SASC.
About South American Silver Corp.
South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the large scale Escalones copper-gold project in Chile, the pursuit of new opportunities and the realization of value from the Malku Khota project in Bolivia. The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. Additional information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com.
South American Silver Corp. Contact
Phillip Brodie-Hall Richard Doran
President & CEO Investor Relations
Phone: 604.681.6926 303.584.0608
Toll Free: 1.855.681.6926 www.soamsilver.com
Forward-looking Statements
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "will", "proposed", "potentially", "could", "continuing", "developing", "expansion", "near term", and similar expressions. Information concerning mineral resource estimates may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a mining project is actually developed. These forward- looking statements are based on current expectations and entail various risks and uncertainties.
Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, failure to obtain the requisite approvals for the continuance of HDGC and SASC under the BCBCA; failure to obtain the requisite shareholder, court and stock exchange approvals for the Arrangement or other conditions of the Arrangement not being met or waived; the receipt by HDGC of a competing or superior proposal for an alternative transaction; the business of HDGC not being integrated successfully into SASC; possible variations in mineral resources, grade, metal prices; availability of further financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; uncertainties associated with the arbitration proceeding against Bolivia, including the quantum of damages to be obtained and the realization or collection of the value of any award or settlement; regulatory, environmental and other risks of the mining industry more fully described in HDGC's Management Discussion & Analysis of Financial Position and Results of Operations and SASC's Annual Information Form, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: receipt of approval by the shareholders of each of HDGC and SASC to continue under the BCBCA; receipt of all other necessary approvals (including shareholder, court and stock exchange approvals) for the Arrangement and satisfaction or waiver of all conditions required by the Arrangement; the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; Nevada and Utah continuing to be pro-mining states; the availability of equipment and qualified personnel to advance the Gold Springs and Escalones projects; execution of existing plans and further exploration and development programs for Gold Springs and Escalones, which may change due to changes in the views of management or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release. Except as required by law, SASC assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this news release describe SASC's expectations as of October 21, 2013.
futr
futrcash
12 년 전
21 January 2013, Vancouver, British Columbia-
South American Silver Intersects Secondary Copper Enrichment Mineralization at the Escalones Porphyry Copper-Gold Project in Chile
21 January 2013, Vancouver, British Columbia-South American Silver Corp. (TSX: SAC, US OTCQX: SOHAF) (the "Company") is pleased to announce an update on drilling progress at the Escalones copper-gold porphyry project in Chile. The Company now has 3 diamond drills on the site and the first two holes have been completed. Results have been received for part of the first hole of this program. Hole 36 was drilled in the western part of the Meseta into porphyry style mineralization (see map: http://www.soamsilver.com/january-2013-news-release-escalones-image.asp). Below the glacial moraine the hole continued in partially leached bedrock with enhanced gold values. This is underlain by a mixed zone including both primary and secondary copper sulphides and copper oxides. The best 2 metres average 3.04% copper with 0.13 g/t gold. The better secondary enrichment averaged as follows:
0.99% copper with 0.15 g/t gold and 2 g/t silver over 27 metres
including
2.23% copper with 0.14 g/t gold and 1.4 g/t silver over 6 metres
This intercept continues for a total of 124 metres and averages 0.51% copper with 0.13 g/t gold and 1.1 g/t of silver which equates to a copper equivalent (CuEq*) of 0.62%. The entire mineralized interval to 358 metres averages 0.5% CuEq*. The remainder of the hole will be reported once assays are received.
Ralph Fitch, Executive Chairman of the Company stated "The significance of this intercept is that it represents the development of excellent grade mixed primary and secondary copper enrichment mineralization which previously we thought had mostly been eroded by the glacier that covered this area. If we can continue to expand this style of mineralization in other parts of the Meseta it will greatly enhance our previously reported 0.41% copper resource of 3.8 billion pounds (see December 19, 2011 News Release). It is also important that drill hole ES-36 was drilled into similar porphyry style mineralization from which the excellent 25% to 34% copper concentrates were produced in our previously reported laboratory tests (see December 10, 2012 News Release). The overlying partially leached rock also contains interesting gold values of 0.26 g/t gold with 1.5 g/t silver, a grade that could be sufficient to pay for stripping a potentially important economic benefit for the project."
The following table lists the results received to date for diamond drill hole ES 36:
From
To
Length
Copper
Molybdenum
Gold
Silver
CuEq*
metres
metres
metres
%
g/t
g/t
g/t
%
72.1
120.0
47.9
0.07
20.7
0.259
1.5
0.27
120.0
358.2
238.2
0.41
32.6
0.103
0.6
0.50
including
120.0
244.0
124.0
0.51
29.7
0.134
1.1
0.62
including
129.0
156.0
27.0
0.99
39.0
0.148
2.0
1.13
including
129.0
135.0
6.0
2.23
43.3
0.137
1.4
2.35
*copper equivalent -see end of PR
Escalones Drill Program:
Three diamond drills are now on-site as part of a substantial exploration program for the 2013 season, with the expectation that 10,000 metres will be drilled prior to the southern winter. At least six holes will be drilled in the Meseta area with a view to expanding the resource around ES 36 and the majority of the remainder will be drilled on the east side of the Meseta into the skarn mineralization with a view to expanding the resource to the East.
About Escalones:
The Escalones copper-gold project is approximately 100 km southeast of Santiago, Chile and 35 km east of El Teniente, the world's largest underground copper mine. Escalones, as previously announced and supported by a NI 43-101 technical report, contains a defined Inferred Resource of 420 million tonnes of mineralized material containing 3.8 billion lbs of copper, 56.9 million lbs of molybdenum, 610,000 ozs of gold and 16.8 million ozs of silver at a grade of 0.41% copper, 0.05 g/t gold, 1.24 g/t silver and 61 ppm molybdenum using a 0.2% copper equivalent cut-off grade. (see December 19, 2011 News Release). The detailed NI 43-101 Technical Report is available on SEDAR under the Company's profile and on the Company's website at www.soamsilver.com
Metallurgical testwork on Escalones material completed at SGS Laboratories in Ontario has shown positive results. The standard sulphuric acid leach test achieved average copper extraction of 77% from mixed copper oxide/sulphide mineralization. Copper flotation is also proving successful and rougher/cleaner flotation testing of the porphyry material achieved 25-34% copper concentrate grades at high recovery. Further metallurgical testing is underway.
Malku Khota Project, Bolivia - Update on Arbitration:
The Company's wholly-owned subsidiary South American Silver Limited continues to reiterate to the Bolivian Government its willingness to initiate negotiations to settle the dispute that arose as a result of acts and omissions of the Government of Bolivia, including the issuance of Supreme Decree No.1308 on August 1, 2012, revoking all of the mining concessions held by Compañia Minera Malku Khota S.A. (CMMK), a wholly-owned subsidiary of South American Silver Limited (the Malku Khota project). The six-month negotiation period in which the Government is expected to have discussions with the Company ends on April 23rd 2013, after which if no settlement can be reached, South American Silver Limited will formally file a Notice of Arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) claiming full compensation based on fair market value of the Malku Khota project.
Sample Analysis and Copper Equivalent Grade: (CuEq*)
Samples were analyzed by Andes Analytical Assay Laboratory located in Santiago, Chile. Gold was analyzed using fire assay and the AA (Atomic Absorption) method while silver, copper, gallium, indium, molybdenum and 38 additional elements were analyzed by ICP AES HF43 method with a four-acid digestion. The copper equivalent has been calculated using the following prices: copper $3.50 /lb, gold $1,600/troy oz, silver $30.00/troy oz, molybdenum $11.00/lb, lead $0.90/lb and Zinc $0.90/lb. Values have not been adjusted for metallurgical recoveries.
The qualified person for this press release is Felipe Malbran, Executive VP of Exploration, South American Silver Corp., and he has reviewed and approved the content of this press release.
About South American Silver Corp.
South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the large scale Escalones copper-gold project in Chile, the pursuit of new opportunities, and the realization of value from the Malku Khota project in Bolivia. South American Silver Limited is a company incorporated in the Bermuda Islands, an overseas territory of the United Kingdom, which through its wholly owned Bahaman subsidiaries: Malku Khota Ltd, G.M. Campana Ltd. and Productora Ltd., owns one hundred per cent of the outstanding shares of Compañía Minera Malku Khota S.A., a Bolivian company, holder of the Malku-Khota mining concessions until their nationalization by the Bolivian Government. The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. The Company's shares are listed on the Toronto Stock Exchange under the symbol "SAC" and on the OTCQX as "SOHAF". Information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com.
South American Silver Corp. Contact:
Robert Gill
Investor Relations
South American Silver Corp.
604-681-6926 or 1-855-681-6926 Toll Free
futr
downsideup
12 년 전
They have a long way to go to reach the low standard set by Lance Armstrong...
He was merely caught cheating while trying to win at competition... and, without validating it, you obviously do have to have some degree of respect for the quality of his effort and skill at cheating. And, even with the cheating, it's not like he didn't do any of the things required to win...
What you see here instead is an transparent and hamfisted effort in cheating that isn't capable of fooling anyone, that is being conducted after the fact, that is very obviously designed to lie about the company cheating, in order to mask their intentional conduct of an armed robbery...
It's more like Lance Armstrong (before being caught cheating) being mugged by street thugs who were intent on taking his medals, nothing more...
Moreover, you see armed robbery being conducted by thugs who are obviously stupid... having been caught red handed in the act, their only excuse is that they had to violate their contracts and violate their own law to steal the assets from the investors who owned them, and who funded development of them in good faith, because the local goatherders said they wanted them to ?
LOL!!!
Clearly, there was a motive for the robbery that has occurred... but, the local goatherders clearly weren't the reason for it, rather than a badly crafted ruse intended to enable and "justify" it...
As a matter of logic, it doesn't even matter if it was true that the company was overstating the value of the assets... because the value, whatever it is, is never a viable or justifiable motive for simple armed robbery.
The fact that argument is even being made while trying to use it in validating the fact of the theft perpetrated by thugs... is telling in itself...
They're not bothering denying they stole the assets...
They're simply quibbling, after the fact, that the things they stole really weren't worth all that much... and anyway, the guy they stole them from got them by cheating...
It's laughable.
Morales similarly hamfisted effort after the fact is only proving MORE that he's a low life, a liar, a cheat, a thug, and a common thief... and not more.
I don't think that means he doesn't have accomplices who were busy trying to talk him into it, etc.
And, the fact he's gladly made a mockery of the law in Bolivia to benefit himself, is another proof of the known fact that greed and self justifying cleptocracy rules there.
I don't think any of that alters any of what's likely to result when the case is heard in a court where the perpetrator doesn't subvert the law and make it be what he wants...
downsideup
12 년 전
I agree. Purely in terms of the trading, the risk in Boliva had largely been discounted, and now the stock trades basically for cash value, with BOTH projects, the one in Bolivia, and the one in Chile being "free" in relation to share price.
SOHAF will get "something" for the Bolivian project... and probably more than many expect, including that it is possible that they'll still end up participating in the project, even if at a reduced participation level... still leaving difficult questions about the proper compensation for the taking of that private property... before you get to enabling any investment...
I'll remain skeptical about it... including the potential that there may be "dirty tricks" being played by competitors seeking to torpedo the project...
But, it's clearly worth more than "nothing"... given it still includes two or perhaps 3 values: probably payment by Bolivia for the "taking", possible participation in a restructured project, and, assuming insufficient compensation/participation, legal action in Canada and the U.S., the world court, etc., to enable attaching assets of comparable value. The value is LARGE. That thing contains 300 million ounces of silver... plus other values...
Then, the current share price also attributes ZERO value to the Escalones project in Chile, which should have an Economic Assessment done by next year ? It's a low grade deposit, but, there's a lot of it, with an inferred resource now of 4.5 BILLION pounds of copper equivalent. With copper now at $3 a pound in their calculations, versus $3.66 currently in the market... their numbers appear to make sense. With that being $13.5 billion worth of metal, it should be worth "something" in NPV ? With only 115 million shares... that's $117 per share in metal. Call it worth only 1% and you still get $1 a share just for that.
So, yes, I think SOHAF is worth more than their cash on hand...
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