Business
Kuya Silver Closes Acquisition of 100% Interest in Bethania Mine
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2020) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya") is
About this update from Kuya Silver Corporation
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 16, 2020) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the \"Company\" or \"Kuya\") is pleased to announce that, through its indirect wholly owned Peruvian subsidiary (Kuya Peru S.A.C., formerly, Aerecura Materiales S.A.C.), it has acquired 100% of the issued and outstanding shares in the capital of S&L Andes Export S.A.C. (\"S&L\"), the Peruvian company which owns the Bethania mine, and holds the mining concession, permits and other rights (collectively, the \"Bethania Project\"). Kuya intends to rename S&L to Minera Toro del Plata S.A.C. imminently. The share purchase agreement disclosed in the Company's listing statement dated October 1, 2020, to acquire an 80% interest in S&L was amended to include the purchase of the remaining 20% interest of S&L as described in the Company's press release dated October 26, 2020 (the \"Transaction\"). The terms for the purchase of the original 80% interest, included cash payments totaling USD$3,500,000 and the issuance of 3,670,000 common shares in the capital of Kuya (each a \"Common Share\") to the owners of S&L. Prior to closing, Kuya paid an aggregate of USD$715,000 towards the purchase price. The terms for the purchase of the remaining 20% interest, included a cash payment of USD$1,325,000 and USD$425,000 in Common Shares, the number of Common Shares issued was calculated on closing, using the 5-day average closing price of the Common Shares on the Canadian Securities Exchange, being CAD$2.09 and resulted in the issuance of 259,288 Common Shares. In total on closing to acquire 100% of S&L, Kuya paid an additional USD$4,110,000 and issued 3,929,288 Common Shares. The 3,929,288 Common Shares were issued to Erika Soria López, one of two of the previous owners of S&L, Kuya now has 36,270,020 Common Shares issued and outstanding. In accordance with applicable securities laws and instruments, and as a result of the Transaction, Erika Soria López has become an insider of Kuya, holding a 10.83% interest on a non-diluted basis. In addition, as part of the Transaction, Kuya agreed to appoint Erika Soria López as an advisor to the Company and will pay her USD$5,000 per month through her consulting company, Cima Nevada S.A.C. The advisory appointment will be in effect as long as she mainta...