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Santacruz Silver Announces US$10 Million Initial Payment to Glencore under Voluntary Plan to Exercise Acceleration Option
Santacruz Silver Announces US$10 Million Initial Payment to Glencore under Voluntary Plan to Exer...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\n Santacruz Silver Announces US$10 Million Initial Payment to Glencore under Voluntary Plan to Exercise Acceleration Option\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 VANCOUVER, BC\n \n ,\n \n March 20, 2025\n \n /CNW/ -\n \n Santacruz Silver Mining Ltd.\n \n (TSXV: SCZ) (OTCQB: SCZMF) (FSE: 1SZ) (\"Santacruz\" or \"the Company\") is pleased to announce that the Company has structured and implemented a plan to exercise its Acceleration Option to satisfy the Base Purchase Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst meeting the Company's commitment to financial discipline and a strong balance sheet. The plan's primary objective is to save the Company\n \n US$40 million\n \n .\n \n\n\n\n\n\n\n\n\n The Company successfully completed the first component of this plan, an initial payment to Glencore of\n \n USD$10 million\n \n , on\n \n March 20, 2025\n \n . Moving forward under the plan, Santacruz will make bi-monthly payments of\n \n USD$7.5 million\n \n commencing in\n \n May 2025\n \n until reaching a total of\n \n USD$40 million\n \n , with all payments scheduled to be completed by\n \n October 31, 2025\n \n . This structured plan reflects the Company's commitment to fulfilling its obligations and achieving cost savings while maintaining financial discipline and strong cash reserves over time.\n \n\n Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: \"This accelerated payment to Glencore highlights our strong financial discipline and commitment to seeking out and capitalizing on opportunities to enhance shareholder value. This payment plan is structured to preserve an optimal level of working capital while further strengthening the Company's ability to achieve long-term growth and value creation objectives.\"\n \n\n Mr. Préstamo added: \"We sincerely appreciate Glencore's continuous support. Glencore's professionalism and collaborative approach have been key to maintaining an exceptional business relationship, which has greatly contributed...