Mineros S.A. amends agreement for the sale of 100% of the shares of Operadora Minera.
• Transfer of all assets and shares from Operadora Minera S.A.S. to the Company PARA RESOURCES Inc. will be done in a single transaction.
• The transfer payment will be done in two installments: the first one, on the transaction closing date, and the second installment, ninety (90) days after the first payment.
Mineros S.A. has announced the amendment to the final agreement for the sale of 100% of the shares and assets of its subsidiary, Operadora Minera S.A.S. to PARA RESOURCES Inc. This agreement was previously announced to the market. This agreement, which initially was going to be held in two (2) phases, was updated to make it in a single delivery in the month of May, when PARA RESOURCES Inc. will pay the full transaction price of USD $5.5 million in two (2) installments: once agreed terms and conditions are met. The first installment will be of USD $1 million and the second one, 90 days later, for the remaining USD $4.5 million. As mentioned initially, “This decision is aligned with the asset optimization strategy of the Organization, focusing our efforts on operations that allow us to be more competitive, or those having a longer lifespan. At the same time, with the recent exploration agreement subscribed with Royal Road Minerals in the western region of Antioquia, we will continue consolidating our operation in Colombia, as a strategic jurisdiction for Mineros, through the acquisition of new operations and optimization of current operations”, stated Santiago Cardona, Country Manager of Mineros.
About Mineros S.A.
For 46 years, Mineros S.A., a Colombian company, has worked with the commitment to implement sustainable process for the better use of minerals, contributing to protect the environment and biodiversity, the wellbeing of all its stakeholders and the economic and social growth of the regions where it operates. Today, such best practices convert Mineros into an important benchmark for the mining sector.
About Operadora Minera S.A.S.
Operadora Minera S.A.S., a subsidiary 100% owned by Mineros S.A, has been dedicated since 2009 to underground operations at La Ye Mine, located in the municipality of Zaragoza, in the Lower Cauca region of Antioquia. Operadora Minera S.A.S. has a smelting plant for processing approximately 400 tons per day.
About PARA RESOURCES Inc.
PARA RESOURCES Inc. is a gold mining company listed in the Toronto Stock Exchange, with focus on South American gold properties. PARA has a high-grade gold mine operating close to the municipality of Zaragoza, Antioquia-Colombia. It also has a gold mine and a milling plant in the district of Oatman, Arizona, and a gold and copper property in the city of Tucumá, in the state of Pará, Brazil. .