GOLDEN PHOENIX MINERALS (GPXM)

[woody85]

$GPXM has 2.3mil in cash. Only 1.7mil market cap

On February 12, 2014, the Company completed negotiations for a Share Purchase Agreement, whereby it sold its 10% ownership in Vera Gold to certain foreign investors for US$2.6 million, with $260,000 payable to the Company upon full execution of the agreement with the balance of $2,340,000 payable to the Company on or before April 14, 2014. The Company received full payment of the $260,000 on February 18, 2014. Final closing of the sale and the transfer of the 10% ownership in Vera Gold are expressly contingent upon the Company receiving all proceeds.

“The sale of our interest in the Santa Rosa Gold Mine will provide much needed funding to help capitalize the Company, extinguish certain debt and provide some working capital to commence planned exploration activities on our joint-ventured Nevada Properties,” said Donald Gunn, President of the Company.

http://www.goldenphoenix.us/2014/02/golden-phoenix-announces-the-sale-of-its-10-interest-in-the-santa-rosa-panama-gold-project.html