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Golden Tag Resources Provides Update on Acquisition of the La Parrilla Silver Mine Complex and Related Financing
TORONTO, July 19, 2023 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the “Company”) (TSX.V: GOG) is pleased to provide the following update reg
About this update from Silver Storm Mining Ltd.
[{"type":"text","content":" TORONTO, July 19, 2023 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the “Company”) (TSX.V: GOG) is pleased to provide the following update regarding its proposed acquisition of the La Parrilla Silver Mine Complex (“La Parrilla”) in Durango, Mexico (the “Transaction”) from First Majestic Silver Corp (“First Majestic”) pursuant to an asset purchase agreement entered into between First Majestic, First Majestic Plata, S.A. DE C.V., and Golden Tag, dated December 7, 2022 (the “Asset Purchase Agreement”) and as previously announced in the Company’s news release dated December 7, 2022. Transaction Update The Transaction is proceeding as previously announced in the Company’s news releases dated May 30 and April 14, 2023, and is expected to close in August. Completion of the Transaction remains subject to a number of conditions including, but not limited to the approval by the Golden Tag shareholders of the creation of a new Control Person (as such term is defined under the policies of the TSXV), and receipt of all applicable regulatory approvals, including that of the TSXV. For further details of the Transaction, please refer to a copy of the Asset Purchase Agreement, which can be found on the Company’s SEDAR profile. On May 25, 2023 the Company received approval from Mexico’s antitrust agency, the Comisión Federal de Competencia Económica (“COFECE”) for the acquisition of La Parrilla. Financing As disclosed on May 30, 2023, Golden Tag and First Majestic amended the Asset Purchase Agreement to reduce Golden Tag’s minimum required financing to $7.2 million from $9 million. As previously announced, Golden Tag has closed on two tranches of its non-brokered private placement financing of subscription receipts for aggregate gross proceeds of $6.9 million. The Company has received further subscription commitments, which when combined with the first two tranches, total in excess of $7.2 million. About Golden Tag Resources Golden Tag Resources Ltd. is a Toronto based mineral resource exploration company. The Company holds a 100% interest, subject to a 2% NSR, in the San Diego Project, in Durango, Mexico. The San Diego property is among the largest undeveloped silver assets in Mexico and is located within the prolific Velardeña Mining District. Velardeña hosts several mines having produced silver, zinc, lead and gold for over...