Golden Arrow Resources Corporation (TSXV: GRG | FSE: G6A | OTCQB: GARWF) has reported on the status of the option granted to Sociedad de Servicios Andinos SpA (SAA) in respect to the San Pietro project, Chile.
New Golden Explorations Chile SpA (NGE), a wholly-owned subsidiary of the company, granted SSA the option to subscribe for 333 shares in the capital of NGE, equivalent to approximately 25% of the issued and outstanding shares upon exercise of the option, subject to the terms and conditions of an option agreement. SSA is an arm’s length party to the company.
In addition, the company has received conditional approval of the transaction from the TSXV on 18 January 2024. SSA continues to satisfy its obligations to exercise the option, which includes making the first of six bi-monthly option payments of US$333,333 to NGE on 8 February 2024.
Completing the option exercise remains subject to the final approval of the TSXV and SSA performing the remainder of its obligations under the option agreement.
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