Primero Mining Corp. (TSX: P) today announced that the Company has entered into an agreement with Argonaut Gold Inc. (TSX: AR) to sell its Cerro del Gallo development project located in the state of Guanajuato in central Mexico.
Under the terms of the Agreement, Argonaut will acquire all of the issued and outstanding shares of San Anton Resource Corporation, the indirect owner of the Project, from Primero. In exchange, Primero will receive consideration of $15 million in cash.
Primero expects to use the proceeds from the Transaction to reduce the Company’s total outstanding debt position. The Transaction is subject to customary closing conditions and is expected to close by the end of this month. Scotiabank acted as financial advisor to Primero.
Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico.
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