Business
Kuya Silver Acquires Right to Purchase 100% Interest In Silver Kings Joint Venture, Cobalt, Ontario
Toronto, Ontario--(Newsfile Corp. - January 4, 2023) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver") is please
About this update from Kuya Silver Corporation
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - January 4, 2023) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the \"Company\" or \"Kuya Silver\") is pleased to announce an agreement with Electra Battery Materials Corporation (\"Electra\") under which Kuya Silver has the right to acquire 100% of Electra's interest in the Silver Kings Joint Venture properties. Consolidation of the Silver Kings Project If Kuya Silver proceeds with this acquisition as planned, it will own or have exclusive rights to approximately 16,600 ha in the Cobalt, Ontario silver mining district, including properties and claims that have been staked or acquired by Kuya Silver since 2021 (Figure 1). In addition, Kuya Silver would acquire Electra's indirect interest in 1,400 ha owned by a third party, although that interest is currently undetermined, as discussed in Kuya Silver's Annual Information Form dated April 20, 2022. David Stein, Kuya Silver's President and CEO, stated: \"We believe the time is right to consolidate our interests in the Cobalt silver mining camp, which we believe has potential for high-grade near-surface silver that could become a second platform in our growth pipeline. Although Kuya Silver remains focused on its flagship Bethania silver project in Peru, having this kind of scale in a mining-friendly jurisdiction like Ontario will differentiate Kuya Silver from other single-project junior companies. Given what is known about the geology and production history, in any future production scenario, cobalt, a strategic critical metal with significant value, is likely to be produced as a co-product or by-product.\" Terms of the Transaction Kuya Silver, Electra, and certain subsidiaries of Electra entered into a share purchase and option agreement dated February 26, 2021, under which Kuya Silver acquired (among other things) an option to acquire up to a seventy percent (70%) interest in the Silver Kings Joint Venture properties, in stages. Kuya Silver, Electra, and the other relevant parties have amended this agreement to change the option terms and address related issues, with effect as of December 31, 2022. The agreement, as amended (the \"Amended Agreement\"), provides that Kuya Silver now has the option to acquire a 100% interest in the Silver Kings Joint Venture properties by (a) making an initial earn-in payment to Cobalt Industr...