CRUCF - Colibri concludes sale of its 23% JV interest at Pitaya Project
2023-06-12 09:32:08 ET
- Colibri Resource ( OTCPK:CRUCF ) has been informed by its joint venture partner Agnico Eagle Mining that the Pitaya Gold Project located in the Caborca Gold Belt has been sold to a third party .
- Colibri signed an agreement with Agnico Eagle Mining in 2019 whereby it agreed to sell its proportional 23% interest in the non-core project to Agnico or another buyer for a minimum of $0.5M.
- In 2020, Colibri was advanced $0.3M from Agnico Eagle Mining which was secured by Colibri's ownership of the joint venture company.
- Colibri will receive net proceeds of $0.5M from the sale less the outstanding loan principal and interest owed.
- Proceeds of the transaction will add non dilutive capital to the Co. treasury and also improve the Co. balance sheet by zeroing out the corresponding debt liability.
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Colibri concludes sale of its 23% JV interest at Pitaya Project