Business
Golden Arrow Closes Sale of 1% NSR on Gualcamayo Gold Mine in a Transaction Valued at $17,750,000
(via Thenewswire.ca) Golden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC (WKN: A0B6XQ)...
About this update from Golden Arrow Resources Corp.
[{"type":"text","content":"\nGolden Arrow Closes Sale of 1% NSR on Gualcamayo Gold Mine in a Transaction Valued at $17,750,000\n\n(via Thenewswire.ca)\n\n \nGolden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC (WKN: A0B6XQ), \"Golden Arrow\" or the \"Company\") is pleased to announce the closing of the sale by Golden Arrow and purchase by Premier Gold Mines Limited (PG:TSX, \"Premier Gold\") through its wholly-owned subsidiary, Premier Royalty Corporation (\"Premier Royalty\"), of a 1% NSR on Yamana Gold Inc.'s Gualcamayo Gold mine (the \"Royalty\"). Premier Royalty has purchased the Royalty for $16,500,000 in cash plus 1 million warrants to purchase an aggregate of up to 1 million shares of Premier Royalty. Premier Royalty has agreed to guarantee a purchase price of $1.25 per warrant making the total transaction price a minimum of $17,750,000. \n\n \n \n\"I am very gratified that since our group played a major role in the discovery of Gualcamayo in 1998 and due to management's commitment to this asset our current shareholders will ultimately reap the benefits. We are very pleased to complete this transaction and I would like to thank the team of professionals from both Premier Royalty and Golden Arrow for their efforts and their diligence in negotiating this sale. With a significantly stronger treasury, Golden Arrow is in a position to increase shareholder value substantially and minimize shareholder dilution. Our objective is to advance our Chinchillas project quickly, efficiently and define a significant resource in the near term.\"Mr. Joseph Grosso, President & CEO.\n\n \n \nGolden Arrow plans to start its 6,500 m drill program in the coming days on the Chinchillas sliver project where of the 41 drill holes completed to date, 37 holes cut potentially economic mineralized intercepts near surface, including multiple high grade drill holes at the Silver Mantos target. The objective of the program is designed to define a significant NI43 -101 compliant silver-lead-zinc resource. Drilling will include infill and expansion holes as well as the targeting of new areas. Completion of royalty sale transaction provides the Company with the means to fund its primary objective of advancing the Chinchillas project whilst minimizing dilution and to continue to evaluate advanced stage projects that are near resource definition or have a NI43-101 - Standards o...