Coeur Completes Sale of its La Preciosa Project
21 Março 2022 - 6:30PM
Business Wire
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
announced that it has closed the sale of its La Preciosa silver
project, which is located in the State of Durango, Mexico, to Avino
Silver & Gold Mines Ltd. (“Avino”) (TSX/NYSE American: ASM) by
way of the previously announced definitive agreement (the
“Agreement”).
Pursuant to the Agreement, the transaction consideration
includes:
- $15.3 million cash paid at closing,
- $5.0 million promissory note that matures prior to the first
anniversary of the transaction closing,
- Equity consideration of 14.0 million units, paid at closing,
each consisting of one share of Avino common stock and one half of
one common share purchase warrant of Avino common stock, priced at
a 25% premium to the 20-day volume weighted average price as of
October 26, 2021,
- Deferred cash consideration of approximately $8.8 million to be
paid no later than the first anniversary of initial production from
any portion of the La Preciosa project,
- Contingent payments of $0.25 per silver equivalent ounce
(subject to an inflationary adjustment) on any new mineral reserves
discovered and declared outside of the current resource area at the
La Preciosa project, up to a maximum payment of $50.0 million,
and
- Two royalties covering the La Preciosa land package, including
(i) a 1.25% net smelter returns royalty on properties covering the
Gloria and Abundancia areas of the La Preciosa project and (ii) a
2.00% gross value royalty on all areas of the La Preciosa project
other than the Gloria and Abundancia areas, offset by the amount of
any new mineral reserve contingent payments made to Coeur
In connection with the transaction, Coeur will be granted
preemptive rights to maintain its pro rata interest in Avino and
the right to appoint one director to Avino’s Board of Directors or
a board observer so long as Coeur maintains a minimum ownership of
10% in Avino.
The sale of La Preciosa is consistent with the Company’s
strategy of monetizing non-core assets and prioritizing high-return
growth from investments in exploration and expansions at its North
American assets including the Rochester POA 11 expansion in Nevada,
which is expected to be completed mid-next year.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing
precious metals producer with four wholly-owned operations: the
Palmarejo gold-silver complex in Mexico, the Rochester silver-gold
mine in Nevada, the Kensington gold mine in Alaska and the Wharf
gold mine in South Dakota. In addition, The Company wholly-owns the
Silvertip silver-zinc-lead development project in British Columbia
and has interests in several precious metals exploration projects
throughout North America.
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version on businesswire.com: https://www.businesswire.com/news/home/20220321005724/en/
Coeur Mining, Inc. Jeff Wilhoit, Director, Investor Relations
Phone: (312) 489-5800 www.coeur.com
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