This deal will take Vancouver, British Columbia-based Aftermath Silver's ownership of Minera Cachinal shares to 99.9%; Minera Cachinal owns the Cachinal project. A Chilean national will continue holding one share, in accordance with Chilean law.
"With full ownership of the project, we will concentrate on delivering solid exploration results for our shareholders as soon as the COVID restrictions allow," Aftermath Silver President Ralph Rushton said in the release.
For SSR's 20% interest in Cachinal, Aftermath Silver will pay SSR Mining CA$49,999 on the effective date and CA$50,000 on the first anniversary of the effective date.
In addition, the Canadian explorer will pay SSR CA$600,000 to settle debts Minera Cachinal owes SSR related to the project. Aftermath will pay the amount in halves, the first on the second anniversary of the effective date, the remainder on the third anniversary.
Aftermath also announced that since April 1, 2020, it received proceeds of CA$262,050 from exercising 2,183,750 warrants at CA$0.12.[NLINSERT]
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