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Sierra Madre Gold and Silver Ltd. reports developments tied to its silver-gold mining and exploration portfolio in Mexico. Company news centers on the La Guitarra silver-gold mine complex, including operating results, processing-plant upgrades, equipment purchases, tailings and land-use matters, and exploration activity in the East District.
Recurring updates also cover capital-structure items such as secured loan repayments, private-placement funding references, shareholder ownership changes, and governance matters. Additional property news includes the Tlacotal area within La Guitarra and the Tepic Project, which is described as hosting low-sulphidation epithermal gold and silver mineralization with a historic resource.
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Sierra Madre Gold and Silver Ltd. updates on its acquisition of the La Guitarra Silver-Gold Mine, following shareholder approval for the exchange of 69,063,076 common shares valued at US$35 million. The acquisition aims to enhance production and cash flow from the operational mine in Mexico. The company seeks Mexican antitrust approval, expected in Q1 2023, to finalize the transaction. This strategic move positions Sierra Madre to leverage La Guitarra's historical resources of approximately 7.45 million oz silver-equivalent for future growth.
Sierra Madre Gold and Silver Ltd. (SMDRF) announced that at their special meeting on December 9, 2022, shareholders voted overwhelmingly (99.99%) in favor of acquiring all shares of La Guitarra Compañia Minera S.A. de C.V. from Corporacion First Majestic for 69,063,076 common shares, valued at approximately CAD 44.89 million (USD 35 million). This transaction is pending final acceptance from the TSX Venture Exchange. Additionally, the issuance of shares will create a new Control Person with First Majestic, approved by the same majority.
Sierra Madre Gold and Silver Ltd. has updated its acquisition of the La Guitarra Silver-Gold Property following an amended agreement with First Majestic Silver Corp. The amended agreement, dated October 28, 2022, modifies terms regarding a 2% net smelter returns royalty that will now be granted prior to the closing of the transaction, rather than concurrently. Necessary governmental approvals must also be secured before closing. The company aims to finalize the acquisition by the end of 2022, maintaining other material terms unchanged from the initial announcement.
Sierra Madre Gold and Silver Ltd. (OTCQB:SMDRF) has successfully closed the first tranche of a brokered private placement financing, raising $6,178,020.55 through the issuance of 9,504,647 Subscription Receipts at $0.65 each. This offering contributes to an overall goal of raising up to $10,000,250 to support the acquisition of La Guitarra silver-gold property. Escrowed proceeds will be released upon satisfying specific conditions by January 6, 2023. Funds will be utilized for property development and working capital.
Sierra Madre Gold and Silver Ltd. (TSXV:SM, OTC PINK:SMDRF) announced the appointment of Kenneth Scott as the new Chief Financial Officer (CFO), effective immediately. Mr. Scott brings over 33 years of public company auditing experience, having worked with notable mining companies during his tenure at PricewaterhouseCoopers. The transition comes as the company prepares for operations at its La Guitarra project. The previous CFO, Kerry Spong, will continue to serve as Controller and Corporate Secretary.
Sierra Madre Gold and Silver Ltd. (TSXV:SM) (OTCQB:SMDRF) announced the successful outcomes of its annual general shareholders meeting held on June 30, 2022. All board members were re-elected, and the current auditor, Davidson & Company LLP, was re-appointed. Shareholders also approved a new 10% rolling stock option plan in line with TSX Venture Exchange rules.
The company is currently focused on the Tepic and La Tigra Properties in Mexico, aimed at identifying commercially viable metal deposits.
Sierra Madre Gold and Silver Ltd. (TSXV:SM, OTCQB:SMDRF) has entered into a definitive agreement with First Majestic Silver Corp. to acquire a 100% interest in the La Guitarra Silver-Gold Property in Mexico for US$35 million, issuing approximately 69 million shares at $0.65 each. La Guitarra has a history of silver-gold production and contains significant mineral resources, including 7.45 million ounces of silver-equivalent. The acquisition positions Sierra Madre for mid-tier precious metals production and strengthens its portfolio with three projects in Mexico.
Sierra Madre Gold and Silver Ltd. (OTCQB:SMDRF) has reported promising results from its initial drilling program at the La Tigra Gold/Silver Project in Nayarit, Mexico. The maiden drill program included three holes, revealing mineralization across all locations. Notably, Hole 3 presented an intersection of 32 meters with 1.0 g/t gold. Additionally, the company is expanding its project area through a new mining concession, covering 1,653 hectares. Future drilling plans are based on extensive mapping and sampling data.