Golden Tag Provides Update on Acquisition of the La Parrilla Silver Mine Complex and Related Financing
TORONTO, July 19, 2023 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the “Company”) (TSX.V: GOG) is pleased to provide the following update regarding its proposed acquisition of the La Parrilla Silver Mine Complex (“La Parrilla”) in Durango, Mexico (the “Transaction”) from First Majestic Silver Corp (“First Majestic”) pursuant to an asset purchase agreement entered into between First Majestic, First Majestic Plata, S.A. DE C.V., and Golden Tag, dated December 7, 2022 (the “Asset Purchase Agreement”) and as previously announced in the Company’s news release dated December 7, 2022.
- The Transaction is proceeding as previously announced in the Company’s news releases dated May 30 and April 14, 2023, and is expected to close in August.
- On May 25, 2023 the Company received approval from Mexico’s antitrust agency, the Comisión Federal de Competencia Económica (“COFECE”) for the acquisition of La Parrilla.
- As disclosed on May 30, 2023, Golden Tag and First Majestic amended the Asset Purchase Agreement to reduce Golden Tag’s minimum required financing to $7.2 million from $9 million.
- As previously announced, Golden Tag has closed on two tranches of its non-brokered private placement financing of subscription receipts for aggregate gross proceeds of $6.9 million.