Canada : Colombia Crest Gold Announces The Sale Of San Simon, Bolivia.
Colombia Crest Gold Corp. is pleased to announce that it has entered into an agreement for the sale of its Bolivian subsidiary and the San Simon project to STEINMAR Ltda. ( Steinmar ), a Bolivian company. Steinmar has agreed to purchase the outstanding shares of Eaglecrest Exploration Bolivia S.A. for payments that total US$5 million.
This agreement represents a major milestone for Colombia Crest as it monetizes the gold resource in Bolivia and lets us turn 100% of our attention to discovery of a gold resource in Colombia, comments Hans Rasmussen, President and CEO. We advanced the San Simon project into an asset that we have now sold to a Bolivian company. Our business model consists of exploration and monetization of assets, so today we are thrilled to have reached this milestone.
San Simon Project:
The Company has explored in Bolivia since 1996, and in recent years the Bolivian government began to nationalize certain operations in mining, oil and gas, and other industries. Due to the unfavourable political climate and investment risk, management has decided to end the Company's presence in Bolivia.
The agreement with Steinmar for the sale of Eaglecrest Exploration Bolivia S.A. calls for US$5 million in cash payments to Colombia Crest, as follows:
At signing, US$ 100,000.
By the 1st Anniversary, an additional US$ 100,000.
By the 2nd Anniversary, an additional US$ 800,000.
By the 3rd Anniversary, an additional US$ 800,000.
By the 4th Anniversary, an additional US$ 800,000.
By the 5th Anniversary, an additional US$ 900,000.
By the 6th Anniversary, an additional US$ 300,000.
By the 7th Anniversary, an additional US$ 300,000.
By the 8th Anniversary, an additional US$ 300,000.
By the 9th Anniversary, an additional US$ 300,000.
By the 10th Anniversary, an additional US$ 300,000.
With this sale, which is subject to acceptance by the TSX Venture Exchange, the Company will be able to devote its full resources and efforts to its Colombian projects, which management has very high optimism for advancing.
2012 Al Bawaba (Albawaba.com)
Provided by Syndigate.info an Albawaba.com company
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Colombia Crest Gold Corp|
|Date:||Jan 3, 2013|
|Previous Article:||Canada : NovaCopper's Largest Shareholder Adds an Additional 5.2 million NovaCopper Shares Through Warrant Exercise.|
|Next Article:||Canada : ENTREC Appoints John Hudson as Vice President Safety, Training and Risk Management and Grants Employee Share Options.|