The Company plans to use the net proceeds of the Offering for exploration and production improvements at the Mercedes gold mine located in Sonora, Mexico and for general corporate purposes.
Earlier today, the Company unexpectedly received a notice of termination of the previously announced acquisition of the La Negra project from the seller, Dalu S.à r.l., an entity owned by an investment fund managed by Orion Resource Partners. Prior to receipt of the termination notice, the Company had been in discussions with Orion regarding options to advance the acquisition of La Negra to closing, including securing necessary financing.
Dr. Craig Gibson, President and CEO, commented: “Trench sampling at Los Pavitos has shown that in some areas the narrow high grade quartz veins defined in surface sampling are hosted by wider mineralized structures. Wider zones of gold mineralization near the surface could be important for future development of the property. We are looking forward to exploring these mineralized zones by drilling, planned to commence shortly.”
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