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Aftermath Silver Completes Acquisition of 80% Ownership in the Cachinal Silver Project
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2020) -  Aftermath Silver Ltd. ...
About this update from Aftermath Silver Ltd.
[{"type":"text","content":"Aftermath Silver Completes Acquisition of 80% Ownership in the Cachinal Silver ProjectVancouver, British Columbia--(Newsfile Corp. - May 15, 2020) -  Aftermath Silver Ltd. (TSXV: AAG) (OTCQB: FLMZF) (the \"Company\" or \"Aftermath Silver\") is pleased to announce that it has reached an agreement to immediately retire the $1,075,000 balance of the $1,575,000 convertible debenture which was issued to Halo Labs Inc in October, 2019 in consideration of the acquisition of the 80-per-cent interest in the Cachinal silver-gold project (See AAG news release dated October 31, 2019). To retire the obligations under the debenture, Aftermath Silver will issue 4,000,000 common shares to Halo at the conversion price of 20 cents.Aftermath Silver is buying Halo's shares in the Chilean holding company, Minera Cachinal SA, representing 80-per-cent ownership of the project. SSR Mining Inc. holds the remaining 20% interest.Ralph Rushton, President of Aftermath Silver commented: \"I'd like to thank Halo Labs for allowing us to trigger retirement of the debenture early. Given the current precious metals market, the removal of the upcoming cash payment obligations under the debenture will allow Aftermath Silver to direct more of its treasury into the technical programs in Chile, as and when COVID restrictions are lifted.\"Warrant ExerciseThe Company also announces that it has received proceeds of $159,150 to date related to the recent exercise of 1,326,250 warrants, which were exercisable at $0.12. An updated share structure is posted on Aftermath Silver's website here: https://aftermathsilver.com/share-structure/About Cachinal Silver-Gold ProjectThe Cachinal silver-gold project is located in Chile's Antofagasta region (Region II). The project is located about 40 km east of the Pan American Highway, in a nearly flat plain at an elevation of around 2,700 m above sea level, 16 km north of Austral Gold's Guanaco gold-silver mine.It is a low-sulphidation epithermal deposit. Shallow drilling has defined the current mineral resources principally to a depth of 150 m below surface and provides sufficient evidence to interpret the presence of high-grade shoots within the vein system extending below the base of a potential open pit. Following these high-grade shoots to depth with drilling will be the initial focus of the company's efforts to expand the silv...