Bear Creek owns Mercedes mine
TSX-V-listed Bear Creek is now the owner of the Mercedes mine, having completed the acquisition of the mine in Sonora, Mexico, from Equinox Gold.
“We are extremely pleased to have acquired a producing gold/silver mine with a strong operating team, underlying assets with a replacement cost exceeding our purchase price and what we believe to be exciting ‘blue sky’ exploration potential,” commented president and CEO Anthony Hawkshaw.
Mercedes was acquired pursuant to a share purchase agreement dated December 2021 among the company, Equinox Gold and Premier Gold Mines, the company acquired, directly and indirectly, all of the issued and outstanding shares of certain of Equinox Gold’s indirect wholly-owned subsidiaries which in turn own a 100% interest in Mercedes, for total consideration payable to Equinox Gold of $75-million in cash, the issuance of 24.73-million shares and a deferred cash payment of $25-million, as well as a 2% net smelter return payable on metal production from the Mercedes mining concessions.
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