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Goldgroup Mining Inc. (TSX:GGA) announced that it’s completed the sale of its Mexico-based Caballo Blanco project to Timmins Gold Corp. (TSX:TMM,NYSEMKT:TGD).
Goldgroup Mining Inc. (TSX:GGA) announced that it’s completed the sale of its Mexico-based Caballo Blanco project to Timmins Gold Corp. (TSX:TMM,NYSEMKT:TGD). In total, Timmins paid US$10 million and 16,065,000 Timmins shares.
Other details of the deal include:
Additionally, Goldgroup is entitled to an additional contingent amount of US$5 million that will become payable in cash, Timmins Gold shares, or a combination thereof (at the option of Timmins Gold, provided that Goldgroup’s ownership in Timmins Gold will not exceed 9.9% at any time) should any of the following events occur prior to October 31, 2019:
- The approval of the Project’s Environmental Impact Statement from SEMARNAT
- A change in beneficial ownership of Timmins Gold of greater than 50%; or
- The removal or change, at one time, of a majority of the current members of the Timmins Gold Board of Directors
Click here to read the full Goldgroup Mining Inc. (TSX:GGA) press release.