The net proceeds of the Offering will be used to fund the Proposed Transaction, complete any required work program in relation to the Proposed Transaction and for general working capital purposes.
Aztec CEO, Simon Dyakowski commented, “Since acquiring an option on the Tombstone project, Aztec has generated several exciting new targets through its methodical evaluation of historic exploration and production data followed by systematic exploration programs. The Phase 1 RC drill program represents Aztec’s first opportunity to test for shallow, bulk tonnage, heap leach, gold-silver oxide mineralization”.
Jorge A. Ganoza, President and CEO, commented, “Although the unprecedented volatility and government mandated shutdowns during the second quarter have resulted in a $5.7 million net loss, our cost and investment reduction plans have allowed us to maintain a neutral free cash flow position from ongoing operations.”
Magna Gold Corp. announces that its board of directors has approved the adoption of a new 10% rolling stock option plan to replace the Company’s existing fixed stock option plan.
“The Company was able to maintain essential activities while fully complying with the government protocols during the state of emergency,” statedLuis Marchese, CEO of Sierra Metals.
Zanzibar Gold Inc. is pleased to announce the appointment of Mr. Juan J. Duarte Bravo as a director of the Company.
“Parral generated cash flows of $2.2 million US in the quarter which, despite an interruption to the operations due to COVID-19, paid for our general and administrative costs, some working capital, and a portion of our exploration costs at Los Ricos,” Brad Langille, President and CEO stated.
The proceeds from the sale of Units will be used by the Company for exploration and general corporate and working capital purposes.
It is anticipated that upon the completion of the Arrangement Paddy Nicol and John Thompson will resign as directors to facilitate the appointment of nominees of Renaissance. Furthermore, the Company will change its name to Orogen Royalties Inc. Paddy Nicol will remain as President and CEO of Orogen.
The Company continues to adjust to the unprecedented COVID-19 conditions. At Las Chispas, the Company installed a fully confined temporary camp with a capacity for 160 essential persons to continue its exploration, underground development, and construction of early works with the objective of limiting potential exposure of personnel and nearby communities to the virus.
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