Business
Salazar Completes First Tranche of Royalty Sale
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 18, 2016) - SALAZAR RESOURCES LTD. (TSX VENTURE:SRL)(FRANKFURT:CCG) (the "Company") - Mr. Fredy Salazar is plea
About this update from Salazar Resources Limited
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 18, 2016) - SALAZAR RESOURCES LTD. (TSX VENTURE:SRL)(FRANKFURT:CCG) (the \"Company\") - Mr. Fredy Salazar is pleased to report that the Company has closed on the first tranche of the royalty sale announced on April 6, 2016. The Company has sold to RCF VI SRL LLC (\"RCF\") a 1% net smelter returns royalty (\"NSR\") in the Curipamba project and has received US$2,375,000. The sale to RCF of an additional 1% NSR (the \"Additional Royalty Sale\") for an additional US$2,375,000 is to close after completion of the next phase of work programs and the satisfaction of all other conditions precedent. Said Mr. Fredy Salazar, \"We are extremely pleased to have closed on the first tranche of the royalty sale and we look forward to immediately begin work on the approved work programs including a planned drill program of 10,000 metres.\" The Company has also issued 8,484,850 common shares and 4,242,426 share purchase warrants to complete the previously announced debt settlement transactions. The issuance of these securities was contitional upon closing of the sale of the 1% NSR to RCF. The securities have a hold period expiring on November 19, 2016. About Salazar Resources Limited Salazar Resources Ltd. is a publicly-listed (TSX VENTURE:SRL)(FRANKFURT:CCG) mineral resource company engaged in the exploration and development of new highly-prospective areas in Ecuador. Led by a senior Ecuadorian management team and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador. Being based in Ecuador, thus having thorough knowledge of local human and environmental issues, gives the company a strategic advantage, enabling it to complete exploration at a rapid pace. With an excellent property portfolio (3 projects- 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America. ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED Fredy Salazar, President & CEO Salazar Resources Limited Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Thi...