CA - Miner Palamina to acquire Aurania's subsidiary in Peru
2024-06-10 08:12:18 ET
- Aurania Resources ( OTCQB:AUIAF ) to sell to Palamina ( OTCQB:PLMNF ) 100% of the shares of Aurania's Peruvian wholly-owned subsidiary, Sociedad Minera Vicus Exploraciones S.A.C, it said on Monday.
- Under the agreement, Aurania ( OTCQB:AUIAF ) will receive 350,000 common shares of Palamina and a 1% Net Smelter Return royalty over certain mining claims located in Peru which are held by Vicus.
- Palamina ( OTCQB:PLMNF ), a gold exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in south-eastern Peru, has the option to buy back half of the NSR for $1,000,000 at any time.
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"We are very pleased to reach this agreement with Palamina because of their plans to bring value to the project in Peru. Aurania will keep an interest through the NSR, and our focus will continue to be on advancing activities in Ecuador and France," President and CEO Dr. Keith Barron said.
- Source: Press Release