I hope we get further information on this,
In December 2020, Silvercorp’s 100%-owned subsidiary, New Infini, acquired a 100% interest in Infini Resources, S.A. de C.V. (“Infini SA”), a Mexican corporation which holds a 100% interest in the La Yesca project, in return for a US$9.25 million cash payment and a 45% interest in New Infini shares to the arm’s length vendors (the “Vendors”), pursuant to the terms and conditions of a framework agreement (the “Agreement”).
The cash payment of US$9.25 million was provided by Silvercorp (US$7.57 million) and a group of Silvercorp’s directors, officers, employees, and consultants (US$1.68 million) in return for their interests of 45% and 10%, respectively, in New Infini.
Through New Infini, Silvercorp assumed management and control of Infini SA and became the operator of the Project.
A “discovery payment” of up to $30 million calculated on the basis of US$0.20 per ounce of silver resources as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), is payable by New Infini to the Vendors subject to certain permitting considerations.
A subsequent private placement financing for New Infini in January 2021 raised US$4.0 million by issuing 8 million shares of New Infini at US$0.50 per share to Silvercorp, the Vendors and the management team. The funds will be sufficient to finance an initial drilling campaign of 10,000 m prior to listing New Infini as an independent public company.
The current New Infini share structure after the January 2021 financing has Silvercorp at 21 million shares (43.75%), the Vendors at 18.6 million shares (38.75%), and management team at 8.4 million shares (17.50%) of the total 48 million shares outstanding.
Future Exploration Plans
New Infini has assembled a team in Mexico to apply for drilling permits and to initiate a Phase I 10,000 m drilling program, which is expected to start in Q2 2021, once permits are received.
The technical information contained in this news release has been reviewed and approved by Ruijin Jiang, P. Geo., who is a Qualified Person for the purposes of NI 43-101.
And what is going on with the Egypt permits soon.
Boing X 2
Bullish
