(Golden Minerals, 25.Oct.2024) — Golden Minerals Company signed a binding agreement to sell its Yoquivo gold-silver project (located in Chihuahua State, Mexico) to Advance Metals Limited (AVM), an ASX-listed entity focused on the acquisition, discovery, and advancement of high-quality metals projects.
Under the terms of the agreement, AVM shall purchase 100% of the Yoquivo Project from Minera de Cordilleras S. de R.L. de C.V., a wholly-owned subsidiary of Golden Minerals, for total consideration of US$570,000, payable in cash, plus value added tax (VAT) as follows:
- A non-refundable cash payment of US$20,000, plus VAT, for AVM to have the right to carry out due diligence for a seven-day exclusive period, beginning on 24 Oct. 2024.
- On 1 Nov. 2024, AVM shall make a US$275,000 cash payment, plus VAT, to Golden.
- On 21 Nov. 2024, AVM shall make a final US$275,000 cash payment, plus VAT, to Golden.
Closing of the transaction will be subject to additional conditions, including receipt of regulatory approvals and completion of due diligence review by AVM. In the event that AVM decides not to complete the transaction, AVM will be subject to a breakup fee of 20% of the purchase price.
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