We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:AJC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Further to its press release dated May 11, 2011, and TSX Venture Exchange acceptance, American Consolidated Minerals Corp. (the "Company") (TSX VENTURE:AJC) is pleased to report that it has closed the transaction with Sparton Resources Inc. ("Sparton") for the acquisition of Sparton's 50% interest in the 500-hectare Sierra Rosario Property ("Sierra Rosario"), located in the state of Sinaloa, Mexico (the "Acquisition"). International Northair Mines Ltd (TSX VENTURE:INM) is the owner of the other 50% of Sierra Rosario and the project operator. The Company and Sparton have agreed to amend the schedule of payments as stipulated in the original agreement, such that the Company will complete the aggregate purchase consideration of $500,000 and 500,000 common shares by March 1, 2012, with terms as follows: a. On or before August 4, 2011, a cash payment of $100,000 and the delivery of 250,000 shares of American Consolidated; (paid and shares issued) b. on or before September 1, 2011, a further payment of $100,000; c. commencing October 1st, 2011 and on or before the first day of every month thereafter, a monthly payment of $50,000 until an aggregate cash payment of $500,000 is completed. For further clarity, the last monthly payment of $50,000 shall be made on or before March 1, 2012. In consideration of amending the cash payment terms as requested by the Company, Sparton will receive a further cash payment of $30,000 when the Company completes the acquisition of the 50% interest in Sierra Rosario. The Company has also agreed that upon completion of an equity financing of a minimum of $1.5 million before March 1, 2012, the amended payment schedule will be accelerated, such that all unpaid amounts will be due and payable immediately, and the balance of 250,000 shares of American Consolidated will be issued concurrently, subject to regulatory approvals. All securities issued pursuant to this Acquisition will be subject to a four-month hold period. To complete the initial cash payments required by Sparton and to meet other property payments required, the Company secured a bridge loan financing of $250,000 (the "Loan") with a group of lenders comprised of certain insiders. The unsecured Loan is due and payable in 12 months, with interest payable at 10% per annum. Pursuant to Exchange policies, the Company has agreed to grant an aggregate of 625,000 common shares to the lenders as a bonus for extending the Loan to the Company, subject to Exchange acceptance. "We are excited about this acquisition as Sierra Rosario represents a drill-ready property with potential for bulk-tonnage mineable silver-gold deposits," said American Consolidated Minerals President, Al Fabbro. "With our joint venture partner's proven and successful exploration experience in Mexico, we are confident we will move this project forward with positive results for our shareholders." American Consolidated is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist. For details on the Company and its properties, visit the Company's website at www.americanconsolidatedminerals.com. ON BEHALF OF THE BOARD Al Fabbro, President
1 Year Chart |
1 Month Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions