Candelaria Mining has agreed to issue 7,075,472 of its common shares to the shareholders of Minera Apolo to acquire the remaining 40% of the shares of Minera Apolo.
Minera Apolo, incorporated in Mexico, holds several mining properties including the Pinos Gold Project (Pinos).
The company is currently seeking external financing to fund the development of the Pinos Gold Project. Financing alternatives may be in the form of equity and/or debt.
Curtis Turner, President and CEO of Candelaria Mining stated: “I am pleased to announce that Candelaria will hold 100% of the Pinos Gold Project. The recently released PEA shows that Pinos is a great small scale project with the ability to grow with exploration potential. Developing the property as outlined in the PEA will allow us to commence with a low-capex project which will generate cash flows to allow further expansion in operations and exploration organically.”
The Acquisition Share Issuance remains subject to approval of the TSX Venture Exchange.
Source: Company Press Release