Canada’s Silvercorp has announced the acquisition of the La Yesca silver project, in Mexico, and says it plans to list its New Infini subsidiary as an independent public company.
New Infini has acquired a 100% interest in Infini for $9.25-million in cash and a 45% interest in New Infini shares to arm’s length vendors. Infini is a Mexico company that owns the La Yesca project.
Through New Infini, Silvercorp assumed management and control of Infini and became operator of the project.
Silvercorp says it will follow the same strategy as with New Pacific Metals and Whitehorse Gold by listing New Infini as a public company, with a controlling interest. This, the company notes, will happen “in the near future”.
“This approach allows each company to operate independently on projects in different jurisdictions to reduce management risk and enables each company to pursue independent growth and capital allocation strategies while still maintaining Silvercorp’s interest, leadership, and core values,” the group states.
New Infini has assembled a team in Mexico to apply for drilling permits and to initiate a Phase 1 10 000 m drilling programme, which is expected to start in the second quarter, once permits are received.