NEWS
Golden Minerals Signs Definitive Agreement to Sell Its El Quevar Silver Project
Golden Minerals Company ("Golden" or the "Company") (TSX:AUMN) announces that further to its press release dated September 3, 2024, it has entered into a definitive agreement (the "Definitive Agreement") to sell Silex Argentina S.A. ("Silex"), its wholly-owned subsidiary, to Butte Energy Inc. ("Butte"). Butte has agreed to purchase 100% of the issued and outstanding shares of Silex, which is the sole owner of the Company's El Quevar silver project located in Salta Province, Argentina.
The Definitive Agreement is binding on the parties, pending closing of the sales transaction (the "Transaction") on or prior to October 31, 2024. The purchase price for the acquisition of 100% of Silex is US$3,500,000, payable in cash, as follows:
1. US$500,000, as a non-refundable deposit,which was paid on September 3, 2024;
2. US$500,000, payable to Golden prior to the close of business on September 27, 2024; and
3. US$2,500,000 payable to Golden upon closing of the Transaction (the "Final Payment").
Closing of the Transaction will be subject to additional conditions, including receipt of regulatory approvals. INFOR Financial Inc. is acting as financial advisor to the Company in relation to this Transaction. Fasken Martineau DuMoulin LLP is acting as Canadian counsel to the Company
The Definitive Agreement is binding on the parties, pending closing of the sales transaction (the "Transaction") on or prior to October 31, 2024. The purchase price for the acquisition of 100% of Silex is US$3,500,000, payable in cash, as follows:
1. US$500,000, as a non-refundable deposit,which was paid on September 3, 2024;
2. US$500,000, payable to Golden prior to the close of business on September 27, 2024; and
3. US$2,500,000 payable to Golden upon closing of the Transaction (the "Final Payment").
Closing of the Transaction will be subject to additional conditions, including receipt of regulatory approvals. INFOR Financial Inc. is acting as financial advisor to the Company in relation to this Transaction. Fasken Martineau DuMoulin LLP is acting as Canadian counsel to the Company
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