Aftermath Executes Definitive Agreement for The Sale of The Cachinal Silver Project in Chile

About this update from Aftermath Silver Ltd.

[{"type":"text","content":"Aftermath Executes Definitive Agreement for The Sale of The Cachinal Silver Project in ChileVancouver, British Columbia--(Newsfile Corp. - February 15, 2023) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (the \"Company\") is pleased to announce the signing of a definitive agreement (on the amended terms previously announced by the Company in its news release dated January 11, 2023), in respect of the disposition by the Company of its interest in the Cachinal De La Sierra Silver-Gold Project (the \"Cachinal Project\" or \"Cachinal\") to Honey Badger Silver Inc. (\"Honey Badger\").Ralph Rushton, President of Aftermath said: \"This transaction allows us to focus on our flagship Berenguila Project in southern Peru and Challacollo in northern Chile while providing cash and a significant position in Honey Badger. Aftermath also retains exposure to Cachinal through future production-based cash payments and an NSR should the Project go into production.\"Transaction Terms:Consideration: The consideration payable to Aftermath for the disposition of the Cachinal Project (the \"Transaction\") will be comprised of the following: (a) an aggregate of 3,508,771 common shares of Honey Badger (\"Honey Badger Shares\"), at a deemed price per share of $0.285 (being C$1,000,000 in share consideration); (b) C$652,000 in cash payable at closing; and (c) additional cash payments as described below.Subsequent Payments: The additional cash payments will be made in three subsequent payments, as follows:C$200,000 on or before by May 31st, 2023C$400,000 on or before March 31, 2024C$400,000 on or before September 30, 2024The additional cash payments will be evidenced by a promissory note issued at closing (the \"Promissory Note\"), and the obligations thereunder will be secured by a pledge over the shares of the Chilean entity which holds the Cachinal Project. The Promissory Note will provide Honey Badger with the option, subject to regulatory approval (including the approval of the TSX Venture Exchange (the \"TSXV\")), to satisfy payments by issuing additional Honey Badger Shares at a deemed price per share equal to the greater of: (a) the 30 trading-day volume weighted average price of the Honey Badger Shares on the TSXV (the \"VWAP\"); or (b) the maximum permitted discount permitted under the policies of the TSXV; provided that the Com...

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