EXK - Endeavour Silver rallies on granting option to Ridgestone Mining

Endeavour Silver (EXK) rallied 25% pre-market trade after it granted an option to purchase a 100% interest in its Guadalupe y Calvo gold-silver exploration project in Chihuahua, Mexico to Ridgestone Mining (RIGMF).Under agreement terms, Ridgestone has the right to acquire a 100% interest in the project through payments over a four-year period of $1.5M in cash and $1.75M in shares (based on the 20 day volume weighted average price of the shares preceding each issuance), plus $0.75M in exploration expenditures, for a total commitment of $4M.Ridgestone will grant a 2% net smelter return royalty to Endeavour, optionality to buy back the same for $2M prior to  commercial production commencement.

For further details see:

Endeavour Silver rallies on granting option to Ridgestone Mining