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Sierra Madre Gold and Silver Ltd. (TSXV:SM) has successfully completed the acquisition of La Guitarra Compania Minera, a wholly-owned subsidiary of First Majestic Silver Corp., under a share purchase agreement dated May 25, 2022. The acquisition involved issuing 69,063,076 Common Shares at a deemed price of $0.65 each. First Majestic can distribute excess shares and maintain a 19.9% interest in future share issuances. The Company aims to restart operations at the La Guitarra silver-gold property and expects shares to resume trading under the symbol SM post-completion of its common share offering.
Sierra Madre Gold and Silver Ltd. has received approval from Mexico's antitrust agency, COFECE, for the acquisition of the La Guitarra Silver-Gold Mine. The transaction is expected to close on March 30, 2023, allowing for the resumption of trading of Sierra Madre shares shortly thereafter. This acquisition aims to position Sierra Madre as a mid-tier precious metals producer, giving them three properties in Mexico: La Guitarra, Tepic, and La Tigra. The La Guitarra mine, located in the Temascaltepec mining district, includes significant infrastructure and has modern production capabilities.
