Business
Santacruz Update Report on Stock Halting
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - Santacruz Silver Mining L...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Update Report on Stock HaltingVancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\"). The Company wishes to provide an update with respect to the previously announced proposed acquisition of a portfolio of Bolivian mining assets from Glencore (the \"Acquisition\") disclosed in the Company's news release dated October 12, 2021. In accordance with TSX Venture Exchange (\"TSXV\") Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets (\"Policy 5.3\"), the trading of the common shares of the Company on the TSXV was halted on October 12, 2021 pending TSXV review, as the Acquisition is expected to constitute a \"Fundamental Acquisition\" for the Company, as defined in Policy 5.3. The trading halt will be lifted by the TSXV once certain conditions have been met under Section 5.6 of Policy 5.3, including the delivery to the TSXV of technical reports prepared in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects with respect to the material mineral properties to be acquired. The Company is continuing to advance the technical reports with the technical report author and expects to submit drafts to the TSXV in the coming weeks. The Company will also continue to work towards satisfying the requirements of Section 5.7 of Policy 5.3 after trading resumes and prior to closing of the Acquisition.Once the trading halt is lifted, the Company intends to complete a financing to fund the upfront consideration of US$20 million in cash payable on closing (subject to customary working capital adjustments). In the event that the Company is unable to raise the funds necessary to complete the Acquisition and Glencore elects to terminate the share purchase agreement, the Company is required to pay Glencore a fee of US$2 million within five business days of such termination.About Santacruz Silver Mining Ltd. Santacruz is a Mexican focused silver company with one producing silver project (Zimapan) and two exploration properties, the La Pechuga property and Santa Gorgonia prospect. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.'signed'Arturo Prés...