As a result of the Warrant Exercise, Electrum owns 51,759,593 Common Shares and Warrants exercisable for 11,000,000 Common Shares, representing 36.64% of the issued and outstanding Common Shares or 41.22% upon exercise of the Warrants.
“Under Jonathan’s leadership, the foundation was laid for the Company to make the transition into production,” said Peter Barnes. “I look forward to serving as MAG’s new Board Chair, as the Company becomes a significant silver producer.”
GR Silver Mining President and CEO, Marcio Fonseca, commented, “We continue to systematically review the extensive un-released historical and recent drill hole database at the Plomosas Silver Project. The review confirms the presence of high-grade Au-Ag zones, which were not previously explored and evaluated by previous owners, nor integrated into a resource estimation. Most of the new mineralized veins are accessible through existing underground development, which facilitates planning of additional underground drilling and provides opportunities for new discoveries.”
COFECE approval was the final government agency approval required before completing the merger, which is anticipated to occur between June 29, 2020 and July 3, 2020.
Riverside’s President and CEO, John-Mark Staude, stated: “We are delighted to continue our joint program and although having to modify the work program during the COVID times, BHP has been steadfast with Riverside in commitment to the exploration potential and discovery work we have in front of us while adjusting to the realities of working safely with regard for all stakeholders. Last year we acquired ground and now with this new funding we can progress in unlocking the value and acquiring additional prospects. We are excited for the progress and potential of this collaborative copper program and see great potential for drilling copper discoveries in Sonora.”
A unit of Mexican steelmaker Altos Hornos de Mexico (AHMSA) said on Friday it will lay off 2,000 workers in Mexico and 400 in Texas after state power company the Federal Electricity Commission “unilaterally” canceled a contract to purchase coal.
“La Joya is an advanced exploration and development stage project that will provide our shareholders with tremendous leverage in a rising metals market,” said Mike Romanik President of Silver Dollar. “The Property’s regional targets are of particular interest as they have never been followed up and their exploration potential remains untapped. The transaction also gives us an opportunity to work with First Majestic, one of the largest silver producers in Mexico.”
Shareholders voted in favor of all matters brought before the meeting including the appointment of auditors, the election of management’s nominees as directors, and the renewal of the Company’s 2.25% Share Unit Plan and the unallocated entitlements thereunder.
Net proceeds from the private placement will be used to fund acquisition costs of an indirect 100% interest in a mineral property in Brazil known as Lima as well as initial exploration work in preparation for bulk sampling at Lima, and for general working capital.
Greg McKenzie, President and CEO commented, “We would like to welcome Mr. English to the Golden Tag team as a Director of the Company. His years of extensive capital market experience will be valuable as we look to unlock shareholder value.”
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