Golden Minerals Co. (NYSE-A: AUMN) has signed a binding agreement to sell its Yoquivo gold-silver project in Chihuahua State, Mexico to Advance Metals Limited (ASX: AVM), an Australian Securities Exchange-listed entity focused on high-quality metals projects.
Under the agreement, AVM will purchase 100% of the Yoquivo Project from Minera de Cordilleras S. de R.L. de C.V., a wholly-owned subsidiary of Golden-based Golden Minerals, for a total consideration of $570,000, payable in cash, plus value added tax. The payment structure includes a non-refundable cash payment of $20,000, plus VAT, to provide AVM with the right to conduct due diligence for a seven-day exclusive period starting Oct. 24, 2024. On Nov. 1, 2024, AVM will make a cash payment of $275,000, plus VAT, to Golden. A final cash payment of $275,000, plus VAT, will be made by AVM on Nov. 21, 2024.
The closing of the transaction is subject to additional conditions, including the receipt of regulatory approvals and the completion of due diligence by AVM. If AVM chooses not to complete the transaction, it will incur a breakup fee of 20% of the purchase price.
