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Ranchero Gold Announces Closing of the Sale of Its Santa Daniela Property and Receipt of US$1,892,000
VANCOUVER, British Columbia, June 19, 2024 (GLOBE NEWSWIRE) -- Ranchero Gold Corp. (“Ranchero” or the “Company”) (TSX.V: RNCH) is pleased to announce that its w
About this update from Ranchero Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, June 19, 2024 (GLOBE NEWSWIRE) -- Ranchero Gold Corp. (“Ranchero” or the “Company”) (TSX.V: RNCH) is pleased to announce that its wholly-owned subsidiary Minera y Metalurgia Paika, S.A. de C.V. (“Paika”) has closed the sale of four mineral licenses (the “Licenses”) of the Santa Daniela project, as announced in the Company’s press release dated December 27, 2023, to Minas de Oro Nacional, S.A. de C.V. (“Minas de Oro”), a wholly-owned subsidiary of Alamos Gold Inc. (TSX:AGI). The Company has received a total of US$2,550,000 for the sale of Paika’s interest in the Licenses, of which US$658,000 was paid on signing of a letter of intent and a further US$1,892,000 on closing, following official transfer of the Licenses to Minas de Oro. Additionally, in the event that Minas de Oro declares a Mineral Reserve of, or mines, greater than 500,000 ounces of gold within the Licenses, a further payment of US$2,500,000 will be due to Paika from Minas de Oro (the “Conditional Payment”). Going forward, the Company will focus its efforts on exploring the Pinchi Lake nickel project as well as opportunistically looking at new projects. In connection with the sale of the Licenses, the Company will pay a finder’s fee to an arm’s length party (the “Finder”) for facilitating the introduction of the Company to Alamos Gold Inc. and the discussions between the parties in negotiating the terms for the sale of the Licenses. The Finder will receive a cash finder’s fee of US$63,750 and 2,589,231 common shares of the Company (each, a “Common Share”). Additionally, if the Company receives the Conditional Payment, the Finder will receive an additional cash finder’s fee of US$62,500 and up to 2,777,500 Common Shares valued at US$62,500, subject to a minimum issue price of Cdn$0.03 per Common Share. The Common Shares issuable to the Finder will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. The sale of the Licenses and the finder’s fee remains subject to the final approval of the TSX Venture Exchange. About Ranchero Gold Ranchero is an exploration and development company currently focused on the Pinchi Lake Nickel Project (the “Pinchi Project”). Ranchero can earn a 100% interest in the Pinchi Project, consisting of six mineral claims totaling 3,917 hectares, situated appr...