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Sable Enters into Agreement to Sell the Margarita Project Option for $5 Million
Sable Enters into Agreement to Sell the Margarita Project Option for $5 Million ...
About this update from Sable Resources Ltd.
[{"type":"text","content":"\n \n \n \n Sable Enters into Agreement to Sell the Margarita Project Option for $5 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Nov. 10, 2020\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 10, 2020\n \n /CNW/ - Sable Resources Ltd. (\"Sable\" or the \"Company\") (TSXV:SAE) (OTCQB:SBLRF) is pleased to announce the Company and Exploraciones Sable, S. de R.L. de C.V. (the \"Vendor\"), a wholly-owned subsidiary of the Company, have entered into an Option Acquisition Agreement with Magna Gold Corp. (\"Magna\") and Molimentales del Noroeste, S.A. de C.V. (the \"Purchaser\"), a subsidiary of Magna, for the sale of the option agreement on the Margarita Silver Project, located in Chihuahua State, Mexico (the \"Margarita Option Acquisition Agreement\").  In exchange for acquiring the option rights to the Margarita Silver Project, the Purchaser has agreed to pay the Vendor\n \n $1,500,000\n \n in cash and to issue 3,219,278 Magna shares equal in value to\n \n $3,500,000\n \n , calculated based on the volume weighted average price of Magna shares on the TSX Venture Exchange for the fifteen trading days prior to the date of the Margarita Option Acquisition Agreement. The Purchaser will also pay\n \n $2,300,000\n \n to the title owners of the Margarita Silver Project, comprised of\n \n $500,000\n \n in cash and\n \n $1,800,000\n \n in Magna shares, calculated on the same basis as the share consideration the Company is receiving.  Closing of the sale transaction is expected to occur on or about\n \n November 16, 2020\n \n and is subject to, among other things, the approval of the TSX Venture Exchange and any other approvals required under applicable laws.\n \n \n \n \n \n \n \n \n \n \n Ruben Padilla\n \n , CEO of Sable stated, \"The Margarita Silver Project is a clear example of Sable's capacity to generate value through mineral discovery.  The sale of the option agreement is a substantial non-dilutive addition to our already strong cash position, improving our capacity to focus on the drilling of...