BULLETIN V2024-3334
FLORIDA CANYON GOLD INC. ("FCGV")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: November 8, 2024
TSX Venture Tier 1 Company
TSX Venture Exchange has accepted for filing documentation pertaining to a Share Purchase Agreement (the "Agreement") dated July 16, 2024, between the Company and an arm's length party (the "Buyer"), whereby the Company sold all interest in Minexson S.A. de C.V. ("Minexson"), Compa?ia Minera Pitalla S.A. de C.V. ("Minera Pitalla"), Minera Real del Oro, S.A. de C.V. ("MRO"), Mineral Sud California S.A. de C.V. ("Mineral Sud California"), Kings-San Anton S.A. de C.V. ("San Anton") and Timmins GoldCorp Mexico S.A. de C.V. ("Timmins", and collectively with Minexson, MRO, Mineral Sud California, Minera Pitalla and San Anton, the "Subsidiaries").
Under the terms of the Agreement, the Company sold the Subsidiaries in exchange for: (i) US$5,000,000 cash payment; (ii) retaining all cash generated by the Subsidiaries prior to July 10, 2024, (iii) retaining US$5,000,000 generated by the Subsidiaries from operating cash flow after July 10, 2024 and prior to closing of the disposition, with a minimum of US$2,000,000 of net working capital being left in the Subsidiaries upon closing of the disposition.
Pursuant to the Agreement, the Company and the Buyer also entered into an agreement eliminating the outstanding contingent payments payable by the Buyer to the Company pursuant to the agreement under which the Buyer previously acquired the Ana Paula project, as well as the conditional option payments on the San Antonio project.
For further details, please refer to the Company's news releases dated July 17, 2024, September 26, 2024, October 22, 2024 and November 7, 2024.
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