Jim Culver, President of VVC commented that, “We are very pleased at the market reception to the Company’s placement, and the commitment of our existing shareholders to supporting the Company. With the recent increases in the price of copper, VVC’s prospects, with the Samalayuca Copper Project look especially bright.”
“I wish to thank the owners of the concessions for granting the extension of the option agreement and continuing strong support” said Brian Robertson, President and CEO of Source. “The extension, in conjunction with our previously announced proposed private placement and planned drilling program, will provide additional time for us to advance the property and complete a mineral resource estimate.”
Closing of the Offering is expected to occur on November 28, 2016, subject to obtaining customary TSX.V and NYSE MKT approvals. The Company intends to allocate the net proceeds of the Offering to advance the exploration and development of the Company’s Avino Mine and the exploration and development activities on the Bralorne Mine Property in British Columbia, and for general working capital.
Fred Davidson, President and CEO, stated, “IMPACT continues to focus its efforts on upgrading mining operations, improving efficiency, and sourcing superior grade feed from its mines in order to keep production economical and adapt to price fluctuations. Operationally, the Company continues to improve its mine operating income, achieving income of $1.6 million in the first three quarters of 2016 compared to a loss of $0.2 million in 2015. EBITDA improved 400% to $0.8 million in the first three quarters of 2016 from $0.02 million in 2015. The Company continues to achieve positive cash flows in each quarter of 2016. IMPACT is managing a lean operation during these challenging times in the mining industry. Our immediate goal is to enhance profitability in the next few quarters through: increasing our processing capacity, expanding our reserves, and carry out an exploration program which will include drilling a number of key targets.
With the completion of our ATM equity offering and expected further reductions in our remaining debt levels, we plan to end the year with one of the stronger, more flexible balance sheets in the sector, said Mitchell J. Krebs, President and Chief Executive Officer. Following the completion of this partial redemption, our total debt will have declined by over 60% since the end of the third quarter 2015, translating to over $29 million in anticipated annual cash interest savings that will be invested in initiatives that will lead to high-quality future growth of our Company.
Palamina Corp. has appointed Hugh Agro to the board of Palamina Corp. and accepted Glenton Mastermans resignation. Palamina would like to thank Glen for his support and efforts in advising Palamina. Glen recently relocated to Australia and we want to wish him every success in his new endeavours. Palamina has granted Hugh Agro 150,000 options of Palamina Corp. under its Stock Option Plan. All options are exercisable at $0.16 per common share and expire on November 15, 2021.
The Company recorded net income of $2.3 million or $0.11 per basic and diluted share, for the six months ended September 30, 2016, compared to a loss of $267,000 or ($0.01) per share, in the six months ended September 30, 2015. For the three months ended September 30, 2016, the Company recorded net income of $2.1 million, which compares to a loss of $111,000 in the fiscal second quarter of 2016.
SilverCrest Metals Inc. is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 4,550,000 units of the Company at a price of C$2.20 per Unit for gross proceeds to the Company of approximately C$10 million. Each Unit will consist of one common share of SilverCrest and one half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of SilverCrest at an exercise price of C$3.00. The Warrants will have a term of 24 months from the closing of the Offering.
“Cash costs of $4.89 per payable ounce of silver in the third quarter helped generate impressive mine operating earnings of $88.5 million – almost double the earnings generated last quarter,” said Michael Steinmann, President and Chief Executive Officer of the Company. “Cash flow from operations of over $102 million exceeded our funding requirements for our growth projects, sustaining capital and dividend, which enabled us to reduce our modest debt and increase our cash and short term investment position to over $245 million. With an exceptionally strong balance sheet, we are well positioned to take advantage of growth opportunities, both within our suite of assets and outside our portfolio.”
He continued “We saw another record quarter of throughput at Bolivar however we encountered lower head grades. We believe that we will see higher metal production as we define and begin accessing higher grade ore zones. At Cusi, silver equivalent production decreased 10% over the same quarter last year however AISC per silver equivalent payable ounce was 49% lower. Sierra Metals continues to have a strong balance sheet and strong liquidity to drive operations. Continual operational improvements and successful brownfield exploration programs will drive substantial resource production growth and reduce costs at all three of the Company’s Mines benefitting all shareholders.”
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