Santacruz Silver Announces US$28.4M Silver Prepay Agreement
VANCOUVER, Sept. 18, 2014 - Santacruz Silver Mining Ltd. ("Santacruz" or the "Company") (TSX.V:SCZ.V - News) is pleased to announce that it has entered into a US$28.4 million Pre-paid Silver Purchase Agreement with JMET, LLC to sell 4,635,000 ounces of silver through August 2019, subject to certain adjustments relating to metal prices. In addition to US$ 28.4 million that will be paid to the Company up front upon satisfaction of certain conditions, at the time of each delivery the Company will receive an amount per ounce of silver equal to the market price at the time, less a fixed discount. It is anticipated that the upfront payment will be advanced within the next two weeks. Under the agreement, the Company maintains the upside on the silver price.
- Published: 18 September 2014
- Written by Editor