Business
Minera IRL Announces Engagement of Market-Maker and Termination of Agreement with Financial Advisor
LIMA, Peru, March 01, 2022 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera”, the “Company” or “we”) (BVL:MIRL) (CSE:MIRL) announces that it has terminated the e
About this update from Minera Irl Limited
[{"type":"text","content":" LIMA, Peru, March 01, 2022 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera”, the “Company” or “we”) (BVL:MIRL) (CSE:MIRL) announces that it has terminated the engagement agreement with Haywood Securities Inc. (“Haywood”) dated December 17, 2020. Haywood was originally engaged as an exclusive financial advisor to Minera as the latter transitioned away from arbitration with its largest lender and back to its primary goal of advancing the Ollachea gold project. Immediately following Haywood’s engagement, Minera – with assistance from Mining Plus and others – spent nine months studying the feasibility of a revised project at Ollachea, filing a Preliminary Economic Assessment (“PEA”) in September 2021. Since filing the PEA, Minera has engaged with – and it continues to engage with – a number of parties interested in Ollachea and is assessing a variety of approaches to its development, including strategic alternatives to traditional financing. While the development of Ollachea remains Minera’s priority for 2022, it has become evident to management that an exclusive relationship with a financial advisor may not be the best path forward and, after discussions with Haywood, the decision was taken to terminate the exclusive engagement. This does not prevent Haywood from procuring a transaction for Ollachea should the opportunity present itself, but the Company believes that it would be better served without the constraints of an exclusive appointment. MARKET-MAKING SERVICES Minera also announces that it has entered into a market-making agreement with Independent Trading Group (“ITG”) effective March 1, 2022. ITG has agreed to provide market-making services for Minera on the Canadian Securities Exchange (“CSE”) in an effort to maintain an orderly market and improve liquidity. About Minera IRL Limited Minera IRL Limited is the CSE and BVL listed holding company of Minera IRL S.A. and Compañía Minera Kuri Kullu S.A., two precious metal mining companies engaged in mining exploration, development, and operations in Peru, with a primary focus on gold. Minera is led by an agile and experienced senior management team with extensive mining industry experience, particularly in South America. Minera operates the Corihuarmi Gold Mine located 5,000 meters above sea level in Central Peru while assessing opportunities to advance its Ollachea Gold Proje...