STAL - Star Alliance acquires majority stakes in Honduras' gold miner
Star Alliance International (OTCPK:STAL) signs definitive agreement to acquire 51% stakes in a gold mining company- Compania Minera Metalurgica Centro Americana- which owns and operates 5 gold mines in Honduras, Central America. Purchase price is set to $7.5M, including working capital, in cash plus restricted stock transaction. Star Alliance notes Commsa's five operating mines are gold producing now, but production will substantially increase with the added cash Star plans to invest and the use of its Genesis ore extraction process. Consequently, production costs will be considerably lower and gold recovery will increase dramatically, report. Star Alliance will take control effective Jan. 1, 2022. "This acquisition is a major step forward in the growth of our Company. From January 1, 2022 forward, we will be consolidating the financials of Commsa and generating revenue from the operating mines. Our fantastic acquisition team has worked tirelessly to make this transaction happen. We are looking forward
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Star Alliance acquires majority stakes in Honduras' gold miner