The Prospector News

Kuya Silver Enters into Agreement to Acquire 100% Interest in the Bethania Silver Property

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Kuya Silver Enters into Agreement to Acquire 100% Interest in the Bethania Silver Property

 

 

 

 

 

Kuya Silver Corporation (CSE: KUYA) is pleased to announce that it has agreed to acquire a 100% interest in S & L Andes Export SAC the owner of the Bethania Silver mine property. The Company has entered into a letter agreement  with the current owners of S&L to acquire an additional 20% interest such that it will now acquire a 100% interest in the issued and outstanding securities of S&L. Accordingly, Kuya would acquire full ownership of the flagship Bethania Property.

 

Pursuant to a share purchase agreement dated October 6, 2017, as amended, the Company has to date invested USD$4.3 million towards fulfilling the terms of the Share Purchase Agreement to acquire an 80% interest in S&L, including USD$685,000 paid to the owners. Further, in order to complete the acquisition of the 80% interest in S&L, the Company is required to pay the current owners of S&L an additional cash payment of USD$2,815,000 and issue to them 3,670,000 common shares in the capital of the Company.

 

In accordance with the terms of the Letter Agreement, the Company has agreed to acquire the remaining 20% interest in S&L (by making a cash payment of USD$1,325,000 and issuing USD$425,000 worth of Kuya Shares, subject to the approval of the Canadian Securities Exchange, using an issuance price equal to the average closing price of the Kuya Shares during the five trading days prior to the closing of the 20% Purchase and using the CAD/USD exchange rate on the day immediately prior to the date of closing.

 

David Stein, Kuya’s President and CEO stated, “Kuya is very excited to have to opportunity to consolidate a 100% interest in our flagship silver project. We believe that this acquisition of the remaining 20% will be accretive as we redevelop the mine and at the same time execute on our exploration program.”

 

About Kuya Silver Corporation

 

Kuya is a Canadian‐based silver‐focused mining company acquiring the Bethania Property, located in Central Peru. The Bethania mine was in production until 2016, toll‐milling its ore at various other concentrate plants in the region, and the Company’s plan is to implement an expansion and construct a concentrate plant at site before restarting operations. The Bethania mine produced silver‐lead and zinc concentrates from the run of mine material until being placed on care and maintenance due to market conditions and lack of working capital.

 

Posted October 26, 2020

Share this news article

MORE or "UNCATEGORIZED"


Talisker Closes $9.15 Million Private Placement

Talisker Resources Ltd. (TSX: TSK) (OTCQB: TSKFF) is pleased to a... READ MORE

August 11, 2022

GoGold Releases 2022 Q3 Financial Results

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to an... READ MORE

August 11, 2022

Bunker Hill Discovers High-Grade Silver Mineralization

HIGHLIGHTS New high-grade silver and lead vein system discovered ... READ MORE

August 11, 2022

Goliath Drills 59.1 Meters of Continuous Sulphide Mineralization Confirming a Mineralized Footprint of 5.25 Square Kilometers; System Remains Wide Open in All Directions

Drill Highlights: 100% of all holes completed to date on the Sure... READ MORE

August 11, 2022

Titan Reports Record Production from Empire State Mines on Q2 2022 Results

Titan Mining Corporation (TSX: TI) announces the results for the... READ MORE

August 11, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News