Business
Trevali Announces Sale of Santander Mine and Share Consolidation
Trevali Announces Sale of Santander Mine and Share Consolidation.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\n\n\n\nTrevali Announces Sale of Santander Mine and Share Consolidation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nTrevali Announces Sale of Santander Mine and Share Consolidation\nCanada NewsWire\nVANCOUVER, BC, Nov. 8, 2021\n\n\n\nVANCOUVER, BC, Nov. 8, 2021 /CNW/ - Trevali Mining Corporation (\"Trevali\" or the \"Company\") (TSX: TV) (BVL: TV) (OTCQX: TREVF) (Frankfurt: 4TI) today announced that the Company has entered into a share purchase agreement (the \"Agreement\") with Cerro De Pasco Resources Inc. (CNSX: CDPR) (\"Cerro De Pasco\" or \"CDPR\"), pursuant to which it has agreed to sell its Santander Mine in Peru to Cerro De Pasco (the \"Transaction\") by way of a sale of the shares held by Trevali in its Peruvian subsidiary Trevali Peru S.A.C. (\"Trevali Peru\"). Under the terms of the Agreement, Trevali will receive 10 million common shares of Cerro De Pasco, C$1 million in cash (subject to adjustment as described below), and a 1% Net Smelter Return Royalty on certain areas of the Santander Mine site that exclude areas on which there is currently a defined Mineral Resource. The CDPR common shares issued to Trevali as consideration are expected to represent approximately 3.5% of the current issued and outstanding shares of Cerro De Pasco following the closing of the Transaction.  \n\n \n \n \n \n \n \n\n \nRicus Grimbeek, President and CEO commented, \"The divestiture of Santander is consistent with our disciplined capital allocation strategy of focusing on corporate debt reduction and investing in the RP2.0 expansion project at Rosh Pinah. We thank the team at Santander for their commitment and dedication and we wish them continued success as part of Cerro De Pasco.  We will work closely with the team to ensure a smooth transition and look forward to working with Cerro De Pasco to continue to add value at Santander.\"\nTransaction Highlights\nPursuant to a Share Purchase Agreement dated November 4, 2021, Trevali will sell the shares of the entity that holds the interest in the Santander mine, including all assets...