Mirasol closes sale of 49% interest in the Joaquin Silver-Gold Project
Monday, Dec 24, 2012
VANCOUVER, Dec. 21, 2012 /CNW/ - Mirasol Resources Ltd (TSX-V: MRZ, Frankfurt: M8R) ("Mirasol" or the "Company") is pleased to announce that it has successfully completed the sale of its 49% interest in the Joaquin silver-gold project located in Santa Cruz Province of Argentina (the "Joaquin Project") to Coeur d'Alene Mines Corporation ("Coeur") (NYSE:CDE; TSX:CDM), for consideration of US$60,000,000, as previously announced on December 11, 2012. The transaction was carried out through the sale of the Company's Argentine subsidiary which holds a 49% interest in the Joaquin Project.
One-half of the purchase consideration was paid in cash at closing
(US$29,000,015, with a US$1,000,000 holdback) and the balance was paid by the issue of 1,310,043 shares of unregistered common stock in the capital of Coeur, based upon a 10 day volume-weighted average price of US$22.90 per share (the "Stock Consideration"). The Stock Consideration will be held in escrow by Computershare for up to 60 days from the closing date, pending completion of Coeur's due diligence related to the Joaquin Project.
Haywood Securities Inc. acted as financial advisor to the Company in connection with this transaction.
Source: Mirasol Resources Ltd.