Business
Cerrado Gold Announces Filing of Circular and Provides Update
Proxy related materials filed in relation to annual and special meeting of shareholders scheduled...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Announces Filing of Circular and Provides UpdateProxy related materials filed in relation to annual and special meeting of shareholders scheduled for June 27Audited annual financial statements expected to be completed this weekThird advance of US$7 million under the Signing Loan with subsidiary of Hochschild Mining PLC (\"Hochschild\") to be received two business days following the satisfaction of all conditions precedent, including the issuance of financial statements TORONTO, ON / ACCESSWIRE / June 10, 2024 / Cerrado Gold Inc. [TSX.V:CERT][OTCQX:CRDOF] (\"Cerrado\" or the \"Company\") announces that it has filed proxy related materials, including its notice of annual and special meeting of shareholders and management information circular (collectively, the \"Meeting Materials\") on SEDAR+ at www.sedarplus.com in respect of its annual and special meeting of shareholders to be held on June 27, 2024 (the \"Shareholder Meeting\"). The Meeting Materials were mailed on June 5 to shareholders of record as of May 22, 2024.The Company also announces that it anticipates filing this week its audited annual financial statements and management's discussion and analysis for the year ended December 31, 2023 (the \"Financial Statements\"). Filing the Financial Statements is one of the conditions to receiving payment of the third advance of US$7 million (the \"Third Advance\") from Amarillo Mineração do Brasil Ltda. (\"Amarillo\"), a wholly-owned subsidiary of Hochschild. Receipt of the Third Advance is subject to, and is expected to be received two business days following, satisfaction of all conditions which, as of the date hereof, the Company believes have been satisfied other than with respect to filing the Financial Statements. Funds received from the Third Advance will be used to fund immediate obligations of Cerrado and ongoing corporate G&A.Cerrado has granted to Amarillo the option to purchase a 100% interest in the Company's Monte Do Carmo project located in the State of Tocantins, Brazil (the \"Proposed Transaction\"), for total consideration of US$60 million (approximately C$80 million) (the \"Purchase Price\"), subject to the fulfilment of certain conditions.The Third Advance will complete the total US$15 million initially advanced by way of a 10% interest-bearing secured loan (the \"Signing Loan\"). Upo...