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Santacruz Silver Amends San Felipe Agreement with Hochschild
Santacruz Silver Amends San Felipe Agreement with Hochschild Canada NewsWire VAN...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Silver Amends San Felipe Agreement with Hochschild\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\nCanada NewsWire\nVANCOUVER, Feb. 28, 2017\n\n\n\nTSX.V: SCZ FSE: 1SZ\n\n\n\nVANCOUVER, Feb. 28, 2017 /CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (\"Santacruz\") announces that its subsidiary, Impulsora Minera Santacruz S.A. de C.V. (\"Impulsora\"), has renegotiated the terms of its agreement with Minera Hochschild Mexico S.A. de C.V. (\"MHM\" or \"Hochschild\") regarding the acquisition of a 100% interest in the San Felipe property and adjacent El Gachi property located near Hermosillo, Sonora, Mexico.\n\n\n \n \n\n \nUnder the terms of the prior agreement (see news release dated June 16, 2015) Impulsora had the right to acquire 100% of the San Felipe property and the El Gachi property, including all assets related to the properties, by making staged payments totaling US$19,000,000.\n\nUnder the amended terms of the agreement with MHM, the above payments will be restructured as follows:\n\nTo acquire the San Felipe Property:\n\n\nUS$2,000,000 payable on or before March 3, 2017; and \nUS$8,000,000 payable on or before December 15, 2017,\n\nplus applicable value added taxes.\n\nTo acquire the El Gachi Property:\n\n\nUS$500,000 payable on or before March 31, 2017, \n\nplus applicable value added taxes.\n\nIn addition, pursuant to the amended terms of the agreement with MHM, upon completion of the respective scheduled payments, plus applicable value added taxes, the Company will have acquired each of the properties free of all underlying net smelter return royalties. \n\nIn consideration for the restructured payment terms above pursuant to the amended acquisition agreement, Santacruz has agreed to issue 13,415,000 common shares to MHM, subject to TSX Venture Exchange approval.\n\nAbout Santacruz Silver Mining Ltd.\n\nSantacruz is a Mexican focused silver company with two producing silver projects (Rosario, including the Cinco Estrellas property, and the right to operate the Veta Grande silver project and milling facility); an advanced-stage development ...