Pursuant to the non-brokered unit private placement announced on October 4, 2012, a total of 3,430,000 share purchase warrants expiring on October 25, 2014 and 500,000 share purchase warrants expiring on October 30, 2014, were issued on October 25, 2012 and October 30, 2012 respectively. On October 10, 2014, expiration of both sets of warrants was extended by an additional 12 months, to October 26 and 30, 2015 respectively.
Industrias Penoles, S.A.B. de C.V., in order to clarify the information published yesterday in various media communications concerning investment of $ 11.730 billion pesos in the municipalities of Torreón and General Cepeda, in the state of Coahuila, informs the investing public:
Industrias Peñoles, S.A.B. de C.V., con el fin de aclarar la información publicada el día de ayer en diversos medios de comunicación relativa a la inversión de $11,730 millones de pesos en los municipios de Torreón y General Cepeda, en el Estado de Coahuila, informa al público inversionista:
The third quarter saw improved production with better grades and an improved cost profile, stated Brendan Cahill, President and Chief Executive Officer. We are aiming for the lower end of our production targets for the year due to the delay in the implementation of the optimization plan for Platosa. The optimization plan continues to be the Companys top priority, with our technical teams currently working to improve the projects efficacy and cost. We expect to provide an update on the optimization plan shortly.
The proceeds from the Private Placement are expected to be used by the Company for the purchase of new underground mining equipment, general working capital and corporate purposes. All shares issued will be subject to a four month hold period.
We are taking significant steps to meet the challenge of low commodity prices, said Don Lindsay, President and CEO. We have reduced costs throughout the company and weve raised nearly $1 billion in two streaming transactions. We used a portion of those proceeds to reduce debt by $400 million and our current cash balance of $1.8 billion exceeds our remaining $1.5 billion share of capital required for Fort Hills.
States Kootenay President and CEO James McDonald, “We are very pleased to be able to report such excellent results from our initial metallurgical test work on La Negra. These preliminary results indicate that high silver recoveries should be achievable by simple, cost effective milling and extraction methods and they clearly reinforce La Negra’s potential to evolve into a low-cost, open pittable silver resource. This potential is further underscored by drill results to date on La Negra that have consistently returned multiple wide intersections of mineralization, starting at surface and remaining open along strike and to depth, at the kind of silver grades that are currently being mined by open pit methods in Mexico.”
The net proceeds from the Offering will be used by Prospero for exploration expenditures on its Petate project in Mexico and for general working capital purposes. All securities issued in connection with the Offering will be subject to a hold period expiring four months and one day following the closing of the Offering.
The proceeds from the Private Placement are expected to be used by the Company for the purchase of new underground mining equipment, general working capital and corporate purposes. All shares issued will be subject to a four month hold period.
Azures Managing Director, Mr Tony Rovira said, The high precious metal values in the soil samples, including over 2.4g/t Au and 100g/t Ag, are a major development. The silver grades are generally more than double those that were recorded from the soil sampling at the nearby Mesa de Plata discovery, and the high gold assays indicate, for the first time, that this system may have significant gold potential.
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