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.
For further details see:
Colibri concludes sale of its 23% JV interest at Pitaya Project