Reyna Silver To Acquire Remaining Interest in Medicine Springs Project

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[{"type":"text","content":"Reyna Silver To Acquire Remaining Interest in Medicine Springs ProjectVANCOUVER, BC and HONG KONG CHINA / ACCESSWIRE / December 15, 2022 / Reyna Silver Corp. (TSXV:RSLV)(OTCQX:RSNVF)(FRA:4ZC) (\"Reyna\" or the \"Company\") is pleased to announce that it has entered into a Definitive Agreement enabling them to acquire a 100% interest in the Medicine Springs Project located in Nevada, USA (the \"Medicine Springs Project'').\"Initial drilling continues to increase our confidence in MS, and we are very pleased to move forward with another important milestone- increasing our optionality to 100%,\" said Jorge Ramiro Monroy, CEO of Reyna Silver. \"From the first surface visit, we recognized there was a major system at Medicine Springs, so we quadrupled our land holdings. Subsequent work only confirmed our confidence in the project and galvanized our Phase 1 Drilling Campaign. We look forward to releasing the results from the first four holes in early 2023 and to continuing to explore there.\"The Company previously had an option to acquire up to an 80% interest in the Medicine Springs Project from Northern Lights Resources Corp. (CSE: NLR) (\"NLR\"). This option included an additional USD1,000,000 payment as well as a free carry until a certain amount was spent. The new agreement eliminates both of these obligations to NLR. Pursuant to the agreement announced today (the \"Acquisition Agreement\") with NLR, Reyna will purchase NLR's option on the property, giving Reyna the right to acquire a 100% interest in the. Medicine Springs Project directly from the underlying owners of the property.Pursuant to the Acquisition Agreement, NLR agrees to sell its option to the Company in consideration for the Company:Assuming all of NLR's obligations under the underlying option agreement with the property owners;Paying NLR US$100,000 in cash;Issuing NLR six million (6,000,000) common shares in the capital of the Company (the \"Consideration Shares\"); andGranting NLR a one percent (1.0%) Net Smelter Returns royalty on mining production received by the Company on the Medicine Springs Project (the \"NLR Royalty\").The Acquisition Agreement provides the Company at any time the option to buy back one-half (1/2) of the NLR Royalty by paying NLR $2,500,000.The Consideration Shares will be subject to contractual resale restrictions over a twenty-four (24) mo...

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