Silver Dollar Completes Acquisition
The La Joya Project from First Majestic
Silver Dollar Resources Inc has completed the exercise of its option and now owns a 100% interest in its La Joya silver-copper-gold property! The Property, located in the south eastern portion of the State of Durango in the Mexican Silver Belt, consists of 15 mineral concessions totaling 4,646 hectares and hosts the Main Mineralized Trend, Santo Nino, and Coloradito deposits.
Pursuant to an option agreement, as amended by an amending agreement, between the Company and First Majestic Silver Corp, First Majestic granted the Company an exclusive option to acquire an initial 80% interest and if exercised, a second option to acquire the remaining 20% interest in a wholly-owned subsidiary of First Majestic that holds the Property through its wholly-owned Mexican subsidiary by making certain payments, incurring certain expenditures, and issuing securities, as detailed below.
In order to exercise the Second Option, the Company was required to, a) provide notice to First Majestic within 30 days of exercising the First Option and on or before the 60-month anniversary of the Effective Date; and b) within 10 business days of exercising the Second Option, issue to First Majestic, such number of Shares as is equal to 5% of the then issued and outstanding Shares of the Company post-issuance.
The Company fulfilled this obligation by issuing to First Majestic an aggregate of 2,205,118 Shares. In addition, pursuant to the Option Agreement, the Property is subject to a 2% net smelter returns royalty interest in all minerals produced from the Property.
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