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Canasil Signs Definitive Agreement Providing for Pan American to Acquire Canasil's Interest in the Sandra-Escobar Project and Closes Transaction for CDN $2 Million and 2% NSR Interest
Canasil Signs Definitive Agreement Providing for Pan American to Acquire Canasil's Interes...
About this update from Canasil Resources Inc.
[{"type":"text","content":"\n\n\n\nCanasil Signs Definitive Agreement Providing for Pan American to Acquire Canasil's Interest in the Sandra-Escobar Project and Closes Transaction for CDN $2 Million and 2% NSR Interest\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 28, 2019\n\n\n\nTSX-V: CLZ www.canasil.com \n VANCOUVER, June 28, 2019 /CNW/ - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, \"Canasil\" or the \"Company\") announces that the Company and Pan American Silver Corp. (TSX: PAAS, NASDAQ: PAAS), through its subsidiary Plata Panamericana SA de CV (\"Pan American\"), have signed the definitive agreement providing for Pan American to acquire Canasil's interest in the Sandra-Escobar project in Durango, Mexico (the \"Definitive Agreement\"), and closed the transaction for a payment of CDN $2 million and grant of a 2% net smelter returns royalty interest on Pan American's interest in the project (\"NSR Royalty Interest\"). Pan American retains the right to reduce the NSR Royalty Interest to 1% at any time by paying the Company CDN $4 million. The Definitive Agreement supersedes all prior agreements and arrangements between Canasil and Pan American with respect to the Sandra-Escobar project. \nCanasil CEO, Bahman Yamini, commented: \"We are pleased to have concluded the sale of Canasil's interest in Sandra-Escobar to Pan American. This arrangement provides significant non-dilutive funding to maintain and advance our project portfolio, which includes drill ready high grade silver-gold-base metal projects in Mexico and prospective gold-copper exploration projects in British Columbia, Canada. In addition to the cash payment Canasil will retain exposure to the upside potential of the Sandra-Escobar project through the retained NSR Interest.\" \nSandra and Escobar Silver-Gold Properties, Durango, Mexico\nThe Sandra and Escobar Properties are located 200 km northwest of the city of Durango, Mexico, in the heart of the \"Mexican Silver Trend\". The combined properties cover over 6,970 hectares of mineral concessions ho...