Samco Gold to sell all shares in Argentina subsidiary

21st November 2017 By: Anine Kilian - Contributing Editor Online

JOHANNESBURG (miningweekly.com) – TSX-V-listed Samco Gold sold its shares in its wholly owned Argentine subsidiary 5R to certain shareholders of the company in exchange for the return for cancellation of 18.450-million common shares in Samco’s capital.

5R is the registered titleholder of the El Dorado Monserrat properties in Santa Cruz, Argentina, where Samco retains a 1.5% net smelter return royalty.

As additional consideration for the 5R shares, all employment-related Argentina-based lawsuits initiated against Samco by certain of the shareholders participating in the subject transaction have been withdrawn, and Samco and its shareholders released each other from all claims.

As a result of the transaction, Samco will have 46.626-million common shares outstanding on a non-diluted basis.