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Geologix Explorations Inc. (TSE:GIX) reports its final Arian Silver Tepal payment.
The press release is quoted as saying:
Further to the terms of the Agreement, the Company has assumed the remaining underlying property option agreement obligations due to the vendor, including a further US$2.3 million payable to the vendor before June 6, 2011 (see Geologix news releases dated January 19, 2010 and November 5, 2009 for more information). Upon completion of this remaining payment, Geologix will own a 100% interest in the Tepal claims under this option agreement, subject to a 2.5% net smelter return royalty.
Geologix Explorations’ President and CEO, Dunham Craig says:
“With this final payment delivered and the purchase agreement obligations to Arian now fulfilled, the Company can focus its efforts on advancing this flagship project through ongoing exploration and development programs. With the proceeds from the Company’s recently announced CDN $20.0 million bought-deal financing, the Company expects to be adequately financed to complete the underlying vendor obligations to acquire 100% of this important asset before June 6, 2011.”