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SANTACRUZ ANNOUNCES AMENDMENTS TO TERMS OF SALE OF GLENCORE'S BOLIVIAN MINING ASSETS
SANTACRUZ ANNOUNCES AMENDMENTS TO TERMS OF SALE OF GLENCORE'S BOLIVIAN MINING ASSETS Ca...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n \n \n \n SANTACRUZ ANNOUNCES AMENDMENTS TO TERMS OF SALE OF GLENCORE'S BOLIVIAN MINING ASSETS\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 \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n April 4, 2024\n \n \n /CNW/ -\n \n Santacruz Silver Mining Ltd.\n \n (TSXV: SCZ) (\"\n \n Santacruz\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that is has entered into a binding term sheet (the \"\n \n Term Sheet\n \n \") dated\n \n March 28, 2024\n \n with certain Glencore entities (\"\n \n Glencore\n \n \") to amend certain transaction documents in connection with the prior sale by Glencore of its Bolivian mining assets to Santacruz (the \"\n \n Transaction\n \n \"), as previously announced by Santacruz on\n \n March 21, 2022\n \n and\n \n October 13, 2021\n \n .\n \n \n \n \n \n \n \n \n \n Arturo Préstamo, Executive Chairman and Interim CEO of Santacruz, commented, \"This amended agreement represents a significant milestone for the Company, as it strengthens our balance sheet and equips us with the financial flexibility necessary to effectively manage our business. We continue to value Glencore as our partner and look forward to maintaining a collaborative relationship with them.\"\n \n \n Pursuant to the Term Sheet, Santacruz and Glencore have agreed to the following terms:\n \n \n \n The total consideration payable by Santacruz to Glencore under the Term Sheet will be in lieu of all present and future amounts owing or payable by Santacruz under the transaction documents entered into pursuant to the Transaction.\n \n \n Subject to the Acceleration Option (as defined below), Santacruz will pay up to\n \n US$80 million\n \n in cash to Glencore in eight equal annual instalments of\n \n US$10 million\n \n each (the \"\n \n Base Purchase Price\n \n \") with the first payment being made on or before\n \n November 1, 2025\n \n .\n \n \n Santacruz can exercise an option to accelerate the payment of the outstanding balance of the Base Purchase Price in full at any time, such prepayment amount will be\n \n US$40 million\...