Business
Golden Arrow Resources Announces the Sale of its 25% Ownership Interest in Puna Operations for $44.4 million
Golden Arrow Resources Announces the Sale of its 25% Ownership Interest in Puna Operations...
About this update from Golden Arrow Resources Corp.
[{"type":"text","content":"\n\n\n\nGolden Arrow Resources Announces the Sale of its 25% Ownership Interest in Puna Operations for $44.4 million\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, July 22, 2019\n\n\n\nAll dollar amounts in Canadian Dollars unless otherwise noted\nTSX Venture Exchange (TSX-V): GRGFrankfurt Stock Exchange (FSE): G6AOTCQB Venture Market (OTCQB): GARWF\n VANCOUVER, July 22, 2019 /CNW/ - Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF), \"Golden Arrow\" or the \"Company\") is pleased to announce that it has entered into an arm's length definitive agreement (the \"Agreement\") for the sale of its 25% interest in Puna Operations Inc. (\"Puna Operations\") to its joint venture partner SSR Mining Inc. (\"SSR Mining\") for aggregate consideration of $44.4 million (the \"Transaction\"). \n\n \n \n\n \nAs consideration for the sale of its 25% interest in Puna Operations, Golden Arrow will receive:\n$3.0 million in cash consideration $25.9 million in common shares of SSR Mining Approximately $14.5 million in cash, which amount shall be used to repay in full at closing the outstanding principal and accrued interest owing by Golden Arrow under the credit agreement entered into in July 2018 with SSR Mining $1.0 million through the return for cancellation, for no consideration, of 4,285,714 Golden Arrow common shares currently owned by SSR Mining, which represents approximately 3.4% of Golden Arrow's issued and outstanding common shares on the date hereof Payment by SSR Mining of Golden Arrow's portion of all cash contributions required to be made to Puna Operations under the Shareholders Agreement from July 22, 2019 until the closing date.Puna Operations was formed through a joint venture which combined SSR Mining's Pirquitas mine and processing plant and Golden Arrow's Chinchillas silver-lead-zinc project.  After an accelerated period of development, commercial production at Puna Operations was declared in December 2018. \n\"The sale of our equity position in Puna Operation is a ...