SSR Mining Inc (SSRM)

[geodan]

Ah, well the deal today makes it more likely not less. SSRI will bring in money not put it out on today's deal, they are the "seller".

Think this explains the sharp drop in GRG, which I bot heavily at .84 today closed at .88 a 5% profit. People assumed it was a buy deal, and would use the cash up so GRG deal harder to do. That was my guess then read in detail and see SSRI is the seller.

Cheers

BTW bot a few calls on SSRI today, silver had a great day indicating bottom is in. My gold bottom call on Thursday is doing better now, up about $9 from Friday, back over the trendline (upward)

Just maybe it was a good call. Fed mucks everything up, should be wild tomorrow.


Silver Standard Announces Transaction on Diablillos and M-18 Projects

VANCOUVER, Sept. 19, 2016 /CNW/ - Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") announces that it has entered into a definitive agreement (the "Agreement") with Huayra Minerals Corporation ("Huayra") to advance its Diablillos and M-18 projects, located in Argentina (collectively, the "Projects"). Silver Standard will maintain a 19.9% equity interest in Huayra and nominate one member to the Board of Directors of Huayra.

Paul Benson, President and CEO of Silver Standard said, "This transaction demonstrates our continued focus on maximizing the value of our portfolio of projects by partnering with an Argentina-focused company who can accelerate exploration and development at Diablillos and M-18. The transaction allows Silver Standard to support the success of Huayra and the advancement of the projects."

Huayra is a company focused on exploration and development in Argentina. Huayra has entered into a binding letter of intent with Angel Bioventures Inc. (TSX.V: DDD.H) to complete a reverse takeover transaction ("RTO"). If the RTO is completed, the resulting company (the "Resulting Issuer") is expected to be listed on the TSX Venture Exchange. Pursuant to the Agreement, if the RTO is completed, the Resulting Issuer is required to enter into an agreement with Silver Standard under which it will be bound by the terms of the Agreement and will assume all of Huayra's obligations under the Agreement.

Under the terms of the Agreement, Silver Standard will be eligible to receive:

A 19.9% equity stake in Huayra, with free carried interest until the completion of a public offering of $5.0 million or more (the "Public Offering");
The right to nominate one member to the Board of Directors of Huayra for up to three years after the closing date, provided that Silver Standard continues to hold more than ten percent of the then issued and outstanding shares of Huayra on a non-diluted basis;
The right to participate in future equity financings after the Public Offering to maintain its ownership level in Huayra for as long as Silver Standard continues to hold more than ten percent of the then issued and outstanding shares of Huayra on a non-diluted basis;
Cash payments to Silver Standard of approximately $1.5 million over the first two years and $12.5 million over the following three to five years; and
1.0% net smelter returns royalty on production from each of the Projects.
Completion of the transaction is subject to customary closing conditions. Silver Standard expects the transaction to close in November 2016.