Business
Silver Dollar Terminates Exclusivity Period with Canasil Resources
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2023) - Silver Dollar Resources Inc. (CS...
About this update from Silver Dollar Resources, Inc.
[{"type":"text","content":"Silver Dollar Terminates Exclusivity Period with Canasil ResourcesVancouver, British Columbia--(Newsfile Corp. - June 12, 2023) - Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) (FSE: 4YW) (\"Silver Dollar\" or the \"Company\") reports that, further to its news release of April 20, 2023, it has terminated the exclusivity period provided in the Exclusivity Agreement signed with Canasil Resources Inc. (\"Canasil\") due to general market conditions.The purpose of the Exclusivity Agreement was to give Silver Dollar the opportunity to review Canasil's assets and consider a corporate merger. Termination of the exclusivity period does not affect the separate Option Agreement between the parties, whereby Silver Dollar can earn a 100% interest in Canasil's Nora silver-gold property (the \"Nora Option\").Under the terms of the Nora Option, Silver Dollar can earn a 100% interest in the Nora property (the \"Property\") by incurring total exploration expenditures of $3,000,000 and making cash payments totaling $375,000 over five years. Upon earning a 100% interest in the Property, Silver Dollar will grant Canasil a 3% net smelter returns royalty (the \"Royalty\"), with Silver Dollar having the right to buy back 1% of the Royalty for $3,000,000. After granting the Royalty, Silver Dollar will also pay an annual royalty of $25,000 which will be offset against the 1% Royalty buyback. For additional information on the Property, see Silver Dollar's news release of May 24, 2023. Pursuant to the agreements, Canasil now has 60 days to repay the $200,000 non-interest-bearing loan Silver Dollar provided in return for the exclusivity period and the Nora Option. About Silver Dollar Resources Inc.Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for its 2023 exploration plans with approximately $5 million in the treasury. The Company's primary projects lie within the prolific Durango-Zacatecas silver-gold belt and include the advanced exploration stage La Joya Silver Property and the recently discovered Nora Silver-Gold Property, both located in the state of Durango, Mexico. The Company has an aggressive growth strategy and is actively reviewing potential acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions.For additional information, you can downl...