Business
Aftermath Silver to Acquire Final 20% Ownership in the Cachinal Silver Project
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2020) - Aftermath Silver Ltd.  ...
About this update from Aftermath Silver Ltd.
[{"type":"text","content":"Aftermath Silver to Acquire Final 20% Ownership in the Cachinal Silver ProjectVancouver, British Columbia--(Newsfile Corp. - May 27, 2020) - Aftermath Silver Ltd.  (TSXV: AAG) (OTCQB: AAGFF) (the \"Company\" or \"Aftermath Silver\") is pleased to announce that it has reached an agreement (the \"Purchase Agreement\"), dated May 25, 2020 (the \"Effective Date\"), to acquire from SSR Mining Inc. (\"SSR\") its 20% interest in the Cachinal silver-gold project for a total consideration of C$700,000. On completion of the transaction, Aftermath Silver will own 99.9% of the shares of Minera Cachinal SA, which owns Cachinal. One share will remain held by a Chilean national as per Chilean business law requirements.The amounts payable by Aftermath Silver to SSR are: C$49,999 paid in cash on the Effective Date; and C$50,000 to be paid on the first anniversary of the Effective Date.As disclosed in the Company's news release AAG2020 - NR #6 dated May 15, 2020, Aftermath Silver completed the acquisition of 80% of Minera Cachinal from Halo Labs Inc. and has assumed its debts. During the several years of inactivity at the Cachinal Property, SSR, while owning only a 20% interest in the property, paid 100% of the property maintenance costs in order to maintain the property in good standing. Aftermath Silver has agreed to pay SSR a negotiated amount of C$600,000 to settle debts owed to SSR by Minera Cachinal SA. The C$600,000 will be paid to SSR according to the schedule below:C$300,000 on the second anniversary of the Effective Date; andC$300,000 on the third anniversary of the Effective Date.Ralph Rushton, President of Aftermath Silver commented: \"I am happy to report that Aftermath Silver will, after the completion of customary corporate and securities registration requirements in Chile, be the owner of 100% of the Cachinal silver project in Chile. I would like to thank SSR Mining for their patience as we completed the paperwork for their 20% of Minera Cachinal. With full ownership of the project, we will concentrate on delivering solid exploration results for our shareholders as soon as the COVID restrictions allow.\"Warrant ExerciseThe Company also announces that it has received proceeds of C$262,050 since the beginning of April 2020 related to the recent exercise of 2,183,750 warrants, which were exercisable at C$0.12. An updated share s...