Business
Sendero Resources Announces Formation of Special Committee to Conduct Strategic Review
VANCOUVER, BC / ACCESSWIRE / July 3, 2024 / Sendero Resources Corp. (TSXV:SEND) (the " Company "...
About this update from Sendero Resources Corp.
[{"type":"text","content":"Sendero Resources Announces Formation of Special Committee to Conduct Strategic ReviewVANCOUVER, BC / ACCESSWIRE / July 3, 2024 / Sendero Resources Corp. (TSXV:SEND) (the \"Company\" or \"Sendero\") announces the formation of a special committee (the \"Independent Committee\") comprised of the independent directors of the Company to explore and evaluate potential strategic alternatives (the \"Potential Strategic Transactions\") that may be available to the Company with the goal of maximizing value for Sendero shareholders and other stakeholders of the Company. The Independent Committee will make recommendations to the Company's board of directors in respect of all such matters.No decisions relating to any specific Potential Strategic Transaction has been made as at the date of this news release and there are no assurances that any Potential Strategic Transaction, or transactions, will result from the formation of the Independent Committee and the strategic review process, generally. The Company does not intend to comment further with respect to the strategic review process unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws.Further to Sendero's press release dated May 23, 2024, the Company will not proceed with the previously announced equity financing while the Independent Committee considers Potential Strategic Transactions.The Company also announces that effective today the Net Smelter Royalty Agreement dated March 15, 2023 between the Company and an executive officer of the Company in respect of a 1.5% net smelter royalty (the \"NSR\") on the Peñas Negras Project (the \"Property\") has been surrendered. Accordingly, the Property, which is 100% owned by the Company, is now free and clear of any NSRs.About Sendero Resources Corp.The Company is focused on copper-gold exploration at its 100% owned Peñas Negras Project in the Vicuña Belt in Argentina. The Peñas Negras Project has similar geological characteristics to other deposits in the Vicuña Belt and a cluster of porphyry and epithermal targets have been identified on the project. The Company, through its wholly owned subsidiary, Barton SAS, is the holder of ten granted mining concessions covering 120 km2 in the province of La Rioja, Argentina. The Company also...