Golden Minerals Co. (NYSE-A: AUMN and TSX: AUMN) has entered into a definitive agreement to sell its wholly-owned subsidiary, Silex Argentina S.A. (“Silex”), to Butte Energy Inc. (“Butte”).
Butte has agreed to purchase 100% of the issued and outstanding shares of Silex, which owns the company’s El Quevar silver project located in Salta Province, Argentina. The agreement is binding, pending the closing of the sales transaction on or prior to Oct. 31, 2024.
The purchase price for Silex is $3.5 million, payable in cash. This includes a $500,000 non-refundable deposit, which was paid on Sept. 3, 2024; a $500,000 payment to Golden prior to the close of business on Sept. 27, 2024; and a $2.5 million payment to Golden upon the closing of the transaction. The closing of the transaction is subject to additional conditions, including the receipt of regulatory approvals.
INFOR Financial Inc. is acting as financial adviser to Golden regarding this transaction, while Fasken Martineau DuMoulin LLP serves as Canadian counsel to the company.