Argentinian-based Samco Gold Ltd has obtained all regulatory and shareholder approvals required to complete the sale of all of the shares of its wholly-owned Argentinean subsidiary 5R S.A. (the “5R Shares”) to certain shareholders of the company in exchange for, among other things, the return for cancellation of 18 450 000 common shares in the capital of Samco owned by such shareholders. 5R S.A. is the registered titleholder of the El Dorado Monserrat (EDM) properties in Santa Cruz, Argentina.
Samco is to retain a 1.5% net smelter return royalty over the EDM properties. As additional consideration for the 5R shares, all employment related Argentinean lawsuits initiated against Samco by some of the shareholders participating in the subject transaction have been withdrawn, and Samco and such shareholders released each other from all claims. As a result of the transaction, following formal cancellation of the 18 450 000 common shares, Samco will have 46 626 075 common shares outstanding on a non-diluted basis.
Read the article online at: https://www.globalminingreview.com/finance-business/21112017/samco-gold-completes-sale-of-el-dorado-monserrat-properties/