Defiance Silver (DEF-V) Oct 8, '14 is pleased to announce that it has renegotiated its San Acacio Silver Project purchase agreement, extending its option by three years.
The new terms of the agreement now call for (all amounts in US$):
- The $225,000 property payment due on September 27, 2014 to now to be paid in four equal installments of $56,250 every three months commencing on September 27, 2014.
- A three year extension of the option period to September 27, 2018 in exchange for yearly payments, a portion of which will be credited toward the final payment of $5.5 million, as follows:
Date Option Payment Amount credited toward
Final Payment Total Yearly Payment | September 27, 2015 | 150,000 | 200,000 | 350,000 | | September 27, 2016 | 150,000 | 400,000 | 550,000 | | September 27, 2017 | 150,000 | 600,000 | 750,000 | | September 27, 2018 | | | 4,300,000* | * If Defiance chooses to accelerate its payments, the balance payable will range between $2.5M and $4.3M
At the discretion of Defiance, any of the yearly payments due in 2015, 2016 and 2017 can be replaced by a payment of $1.0 million, all of which will be credited toward the purchase price.
"I am very pleased that we have been able to extend the option term of the agreement and provide Defiance with additional financial flexibility as it explores and expands its existing resource at the San Acacio Silver Project", stated Bruce Winfield President and CEO,
About Defiance Silver Corp.:
Defiance is engaged in the acquisition and exploration of advanced silver projects in the historic Zacatecas Silver District, Mexico. Defiance is focused on the potential to expand the current resource at the San Acacio deposit, a past producer of between 75 to 100 million ounces of silver.
On behalf of the Directors,
"Bruce Winfield"
Director/CEO
For additional information please visit the Company's website at www.defiancesilver.com.
1610 - 409 Granville Street
Vancouver, BC V6C 1T2
www.defiancesilver.com
Tel: 778-729-0333 |
