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Aftermath Silver extends deals to acquire 2 Chilean silver-gold projects


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Aftermath Silver extends deals to acquire 2 Chilean silver-gold projects

Aftermath Silver Ltd. got more time to acquire the Challacollo and Cachinal silver-gold projects in Chile.

The company entered into a nonbinding letter of intent with Mandalay Resources Corp. in August 2018 to purchase Challacollo by fully acquiring Mandalay's shares in Chilean holding company Minera Mandalay Challacollo Ltda. in exchange for C$11.6 million in staged payments by the end of November 2019, of which Mandalay could choose to receive about C$7.9 million in Aftermath shares.

Under the amended agreement, the company can acquire Challacollo by making staged payments of C$7.5 million by February 2021, of which C$2.8 million can be paid in Aftermath shares if Mandalay chooses, subject to certain conditions. By making an additional C$500,000 payment, Aftermath can extend the payments until February 2022.

Mandalay will retain a 3% net smelter returns royalty on production capped at C$3 million.

Separately, in June 2018, the company entered into a definitive agreement to acquire Apogee Opportunities Inc.'s 80% stake in the Cachinal project by paying C$1.5 million in cash and assumed debt.

Under the amended agreement, the company will pay C$1.5 million in stages within 30 months of closing the acquisition, expected no later than Feb. 28.

Apogee Opportunities, now known as Halo Labs, will also have the right to convert any part of the purchase price that remains unpaid at any time into shares of Aftermath at 20 Canadian cents per share.