Sierra Metals Inc. Enters Into a Binding Agreement With Silverco Mining Corp. to Sell Its Cusi Project in Mexico
In accordance with the terms of the Agreement, the Company will sell the Property to SMC in exchange for:
- In accordance with the terms of the Agreement, the Company will sell the Property to SMC in exchange for:
US$2,500,000 in cash consideration at closing; and
A 2.0% net smelter royalty in respect of the Cusi Mine granted in favour of Sierra Metals (the “Royalty”). - SMC will have the right to purchase half of the Royalty (being 1.0%) at any time in exchange for a cash payment to Sierra Metals of US$5,000,000.
- As previously announced, the non-core Cusi Mine was placed on care and maintenance and the Company initiated a sales process on September 20, 2023.
- Sierra Metals has engaged SCP Resource Finance as its financial advisor, Mintz LLP as its Canadian legal advisors and RB Abogados as its Mexican legal advisors.