Minera Alamos Inc. Announces Closing of Guadelupe Option Assignment and Acquisition of Common Shares of Prime Mining Corp.
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - August 30, 2019) - Minera Alamos Inc. (TSXV: MAI) (the "Corporation") announces that it has acquired 9,450,000 common shares in the capital of Prime Mining Corp. ("Prime") at a deemed price of $0.30 per common share as consideration for the assignment of an option agreement to which the Corporation is a party (the "Transaction") see news releases dated April 24th 2019 and June 26th 2019.
Prior to the Transaction, the Corporation did not own any common shares of Prime. Following the Transaction, the Corporation owned or controlled 9,450,000 common shares of Prime representing approximately 16.1% of the outstanding common shares of Prime. As part of the Transaction, the Corporation acquired warrants to purchase up to 3,350,000 additional common shares of Prime at a price of $0.50 per common share (the "Prime Warrants"). The securities issued pursuant to the Transaction will be subject to a statutory hold period in Canada expiring four months and one day from the closing date, being December 28th, 2019.
The Corporation does not presently intend to make further investments or divestitures in Prime. However, the Corporation may in the future take such actions in respect of its holdings in Prime as it may deem appropriate based on its assessment of market conditions and any other conditions it considers relevant at the time, including the exercise of the Prime Warrants, the purchase of additional Common Shares through open market or privately negotiated transactions or the sale of all or a portion of its holdings in the open market or in privately negotiated transactions to one or more purchasers, subject in each case to applicable securities laws.
A copy of the early warning report in respect of the Corporation's acquisition will be filed with the applicable securities commissions and can be found on Prime's profile at www.sedar.com.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and the Corporation cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Corporation included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to the Corporation and the Corporation provides no assurance that actual results will meet management's expectations. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, closing of the Transaction could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Corporation's forward-looking statements. The Corporation does not undertake to update any forward-looking statement that may be made from time to time by the Corporation or on its behalf, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITYFOR THE ADEQUACYOR ACCURACY OF THIS RELEASE.
About Minera Alamos:
Minera Alamos is an advanced-stage exploration and development company with a portfolio of high-quality Mexican development assets, including the La Fortuna open-pit gold project in Durango (positive PEA completed and permits granted) and the Santana open-pit heap-leach development project in Sonora (permits received).
The Company's strategy is to develop low capex, high margin assets with expansion opportunities while continuing to pursue complementary strategic acquisitions.
Caution Regarding Forward-Looking Statements:
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos' future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos' mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos' forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47412