SLVRF - Silver One inks LOI to sell Mexican silver assets

Silver One Resources (SLVRF) has entered a letter of intent with Plymouth Realty Capital Corp. a capital pool company, to sell its Canadian subsidiary KCP Minerals Inc., which holds all of its Mexican silver properties.In consideration of which, Plymouth will issue $6M in cash and shares of Plymouth; pay $1M in cash, and issue $5M of common shares of Plymouth to Silver One.Plymouth to complete a private placement financing for total proceeds of $10M to fund the exploration and development of the Mexican silver properties; and plans to change its name to Silverton Metals Corp. and list the post-Split common shares under a new stock symbol.Additionally, Silver One announced it granted 2,575,000 stock options to its directors, officers, employees and consultants. The options are exercisable at $0.70 per share, and expire five years from the date of grant.

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Silver One inks LOI to sell Mexican silver assets