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Asia Broadband Completes Sale Of Bonanza Gold Mine for $14.8 Million Cash and $10.2 Million Earn-Out Payment
Asia Broadband Completes Sale Of Bonanza Gold Mine for $14.8 Million Cash and $10.2 Million Earn-Out Payment.
About this update from Asia Broadband, Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Asia Broadband Completes Sale Of Bonanza Gold Mine for $14.8 Million Cash and $10.2 Million Earn-Out Payment\r\n \r\n \r\n\r\n\r\nAsia Broadband Completes Sale Of Bonanza Gold Mine for $14.8 Million Cash and $10.2 Million Earn-Out Payment\r\n\r\n\r\n\r\n\r\n\r\nLAS VEGAS, May 07, 2025 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has completed the sale of its 100% wholly-owned mineral property the Bonanza Gold mine located in Acaponeta, Nayarit, Mexico. The property assets were sold to Industrias Friesen S.A. DE C.V. for $14.8 million cash, a $10.2 Million Earn-Out Payment and an on-going production royalty. The consideration payable to the Company is comprised of: \r\n $14,800,000 cash at closing.\r\n $10,200,000 Earn-Out payment.\r\n $2,000,000 promissory note maturing prior to the first year of transaction closing.\r\n On-going Royalty for the entire Bonanza mineral concession of 2% net smelter returns (NSR).\r\n The proceeds from the property sale further strengthens the Company’s financial position and allows AABB to focus primarily on high-grade mineral asset investments in the surrounding area of the Company’s recently inaugurated processing plant in Etzatlan, Jalisco. “The sale of Bonanza is an advantageous transaction for AABB financially and operationally. It’s a win-win for the Company to channel the considerable capital from the sale into the expansion of our property assets and facilities that are in closer proximity to our new plant. The added feasibility and efficiency of going in this direction speaks to our operating philosophy of optimal capital utilization where we have a synergy of resources available,” stated Chris Torres, AABB President and CEO. AABB continues to implement its mining property portfolio strategy to optimize development capital utilization. By focusing operations in specific regions of Mexico, AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company’s previous gold production success. About Asia BroadbandAsia Broadband Inc. (OTC: AABB) is a resource company focused on the production of precious metals and the accumulation of physical gold holdings. The...