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Argentum Silver to acquire Cochavara project in northern Peru

Argentum Silver Corp. signed a definitive agreement to acquire private British Columbian company Norsemont II Resources Corp. in exchange for around C$500,000 in shares.

The company will issue 2,777,778 shares at 18 Canadian cents each. Norsemont's convertible security holders will receive 400,000 share purchase warrants of Argentum, each entitling the holder to acquire 1 share for 25 cents within three years.

Norsemont holds the 3,479-hectare Cochavara silver-lead-zinc project in northern Peru, according to a May 28 release.

Argentum will pay an advance of C$100,000 to Norsemont before closing of the transaction, to pay for costs relating to the Cochavara project.

After the transaction is completed, Norsemont will also be entitled to appoint one nominee to Argentum's board of directors.

In February, Rio Silver Inc. terminated a nonbinding letter of intent to combine its assets with Norsemont after it found a number of irregularities in the title documentation and other inconsistencies at the Cochavara properties during its due diligence.