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Calibre Mining Corp.(TSXV:CXB) announced the signing of an amending agreement with Yamana Gold Inc. which will amend the July 2009 Share Purchase agreement between the two parties.
Calibre Mining Corp.(TSXV:CXB) announced the signing of an amending agreement with Yamana Gold Inc. which will amend the July 2009 Share Purchase agreement between the two parties.
As quoted in the press release:
Under the original Share Purchase Agreement Calibre previously issued 12 million common shares and paid $4.2 million in cash to Yamana. Also under the terms of the original Share Purchase Agreement Calibre would have been required to pay Yamana a bonus of $5 per ounce of newly reported gold equivalent as set out in any new NI 43-101 resource report of measured or indicated resources on the Borosi project (the “Bonus Payment”), to a maximum of $3.5 million, if such report was prepared within 5 years from closing.
Calibre, Chairman, Douglas Foster, commented:
We are pleased to have amended the Borosi gold-copper project acquisition agreement so that a contingent Bonus Payment to Yamana of up to $3.5 million is now eliminated. The amendments are also advantageous to Yamana in that their Bonus Warrants will immediately vest and, if exercised, would provide Yamana with potential additional capital gains while adding $2.5 million to Calibre’s treasury.
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