Business
Salazar Provides Update on Its Recapitalization Plan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 14, 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 - June 14, 2016) - SALAZAR RESOURCES LTD. (TSX VENTURE:SRL)(FRANKFURT:CCG) (the \"Company\") - Mr. Fredy Salazar is pleased to provide this update on the Company's recapitalization plan first announced on April 6th 2016 and then updated on April 27th 2016. The Company has completed the first two elements of its recapitalization plan with the closing on April 27th 2016 of the private placement and debt settlement transactions. As a result of the private placement the Company welcomed Resource Capital Fund VI L.P (\"RCF VI\") to its share registry. The Company and RCF VI have now agreed upon a work program to be implemented on closing of the Royalty Sale. As a result of this agreement on the work program the Company will not be amending the terms of the warrants issued to RCF VI on closing of the Private Placement. The third part of the recapitalization plan involves the sale of a 2% net smelter returns royalty (\"NSR\") interest in its Curipamba project for US$4,750,000 (the \"Royalty Sale\"). The Royalty Sale is being completed in two tranches of 1% for US$2,375,000, with closing of each tranche being subject to satisfaction of conditions precedent. The Company had announced that closing of the first tranche of the Royalty Sale was expected at the end of May; however, due to the complexity of the transaction with multi-jurisdictional corporate and tax issues to address, the closing has been delayed and is currently not expected until late June. The Company is working with RCF VI to finalize and close on the first tranche of the royalty sale as soon as possible. There remain a number of contractual matters to be finalized to ensure the transaction is properly implemented. Said Mr. Fredy Salazar \"We look forward to finalizing the Royalty Sale and to immediately begin work on the approved work programs. With the proceeds from the first tranche closing of the royalty sale we have planned a drill program of 10,000 meters.\" 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 thr...