15th March 2018
Data source: S&P Global Market Intelligence
Pacifico Minerals Ltd. said March 15 that it signed an option to acquire the Violin gold-copper project in Mexico by acquiring the all issued share capital of project owner Minera GS S.A. de C.V.
The company was granted a nine-month exclusive option for US$50,000 and 10 million shares, plus an approximately US$47,000 exploration spend on the property this year. Pacifico has full access to the Violin project and may complete an exploration program, including a drilling program.
Should Pacifico exercise the option, it will pay US$250,000 and 20 million shares to the vendor. Should the gold price reach US$1,500 per ounce on or before the exercise of the option, Pacifico will issue an additional 10 million shares.
In addition, the vendor will receive up to A$4 million upon meeting certain resource estimate milestones.
The deal is subject to meeting a number of conditions, including the signing of a formal agreement and obtaining government, regulatory and shareholder agreements.