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Colombian Mines Corporation (TSXV:CMJ) announced it has entered into a binding letter of intent to acquire privately held Rocky Mountain Mining of Aurora, Colo.
Colombian Mines Corporation (TSXV:CMJ) announced it has entered into a binding letter of intent to acquire privately held Rocky Mountain Mining of Aurora, Colo.
As quoted in the press release:
In an all-stock deal, the Company will obtain all of the issued and outstanding shares of RMM with an initial payment of 200,000 common shares. CMJ will also grant RMM shareholders warrants to purchase up to 1,700,000 additional shares at escalating prices over a five year period. With the RMM acquisition, Colombian Mines obtains a group of patented mining claims in the Leadville Mining District of Colorado together with an extensive data base on those properties.
Leadville Mining District The Leadville District is one of the premier historic and modern mining districts in the United States. Since 1860, the district has produced over 3.25 million ounces of gold and 256 million ounces of silver1, although it is better known for its lead-zinc production. By 1915, a new use for molybdenum as a steel hardener and its critical need in World War I, initiated development of what became the largest underground mine in the world with peak production reaching 75% of the world supply.
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