Consolidated Zinc completes Plomosas sale
PERTH (miningweekly.com) – Junior Consolidated Zinc has completed the sale of its Plomosas zinc project, in Mexico, to TSX-V- and FSE-listed Impact Silver Corp.
The two companies in February struck a $6-million deal, consisting of an initial $3-million cash payment and up to $3-million Impact Silver shares. Consolidated Zinc will also receive 12% of the net profits generated from the Plomosas project, in cash.
The ASX-listed Consolidated Zinc on Tuesday said that the transaction had now been completed, with Consolidated Zinc receiving more than 11.44-million Impact Silver shares.
“This transaction enables the company and its shareholders to benefit from a continued interest in the Plomosas project, while providing cash to fund planned exploration for lithium and rare earth metals at its Pilbara and Gascoyne projects,” said Consolidated Zinc executive chairperson Brad Marwood.
“Impact Silver has over 17 years of underground operating experience n Mexico with access to established managerial and operations resources in country, and plans to improve and expand the Plomosas project. From the start of negotiations to transaction completion, Impact Silver has demonstrated professionalism and experience, and we thank the Impact Silver team for their efforts.”
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