Golden-based Golden Minerals Co. (OTCQB: AUMN and TSX: AUMN) has sold its wholly-owned Mexican subsidiary, Minera de Cordilleras, S. de R.L. de C.V. to a privately held Mexican company for consideration of US $600,000. The sale agreement was signed on April 1.
Upon consummation of the transaction, Minera Cordilleras held net operating losses, inflation-adjusted capital contributions and five mining concessions in Mexico that had minimal value to the Company. Under Mexican law, the balance of Minera Cordilleras’ capital contribution accounts may be bought and sold. All funds related to the sale of the CUCAs have been received.
