Business
Silver One Completes Sale of Its Mexican Silver Properties to Silverton Metals Corp. (Formerly Plymouth Reality Capital Corp.)
(TheNewswire) Vancouver, British Columbia - TheNewswire - Mar...
About this update from Silver One Resources Inc.
[{"type":"text","content":"Silver One Completes Sale of Its Mexican Silver Properties to Silverton Metals Corp. (Formerly Plymouth Reality Capital Corp.)\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia -\n \n \n TheNewswire\n \n \n - March 3, 2021 - Silver One Resources\nInc. (TSXV:SVE) (OTC:SLVRF) (FSE:BRK1)\n \n \n (“Silver One” or the “Company”) is pleased to\nannounce it has completed the sale of its three Mexican silver\nexploration projects to Silverton Metals Corp. (“Silverton” -\nTSX-V: SVTN - formerly Plymouth Reality Capital Corp.).  Silverton is\nnow a Tier 2 Mining issuer under the policies of the TSX Venture\nExchange.  Trading in its common shares will commence on March 5,\n2021.\n \n \n \n \n Under the terms of the share purchase agreement dated\nNovember 16, 2020, as amended January 4, 2021 and February 1, 2021,\nSilverton acquired from Silver One all of the issued and outstanding\nshares of KCP Minerals Inc., which holds a 100% interest in three\nSilver Properties (Penasco Quemado, La Frazada and Pluton), in\nconsideration of which Silverton agreed to pay to Silver One\n$6,000,000 as follows: (a) pay $1,250,000 in cash on closing, (b)\nissue 4,375,000 common shares of Silverton (the “\n \n \n Consideration Shares\n \n \n ”), (c) pay $750,000 in cash eighteen months after closing,\nand (d) pay US$500,000 in cash twenty four months after closing.\n \n \n \n \n Silverton also granted to Silver One a 1.5% net smelter\nreturn royalty (the “\n \n \n Royalty\n \n \n ”) on each of the Silver Properties.\n At the option of Silverton, Silverton may repurchase two-thirds\n(2/3) of the Royalty (being a 1% net smelter return royalty) with a\npayment equal to US $500,000 for each of the Silver Properties.\n \n \n \n \n The Consideration Shares issued to Silver One are\nsubject to the Tier 2 value escrow requirements under the rules of the\nExchange.\n \n \n \n \n Greg Crowe, President and CEO of Silver One commented:\n “Silver One has been focusing on our advanced exploration assets\nin Nevada (Candelaria and Cherokee) and Arizona (Phoenix Silver), both\nrecently rated by the Fraser Institute as the top two mining\njurisdictions in the world.  The sale of the Mexican exploration\nassets allows us to further...