Sailfish Royalty (FISH-V) Provides Update to Previously Announced Newco Swordfish Silver Transaction
Apr 9, '22 - NR
Sailfish Royalty is pleased to announce that, further to the Company’s news release dated October 7, 2021, Sailfish is continuing to engage in discussions with 1287398 B.C. Ltd. ("Pubco" or "Swordfish Silver") to complete the previously announced transaction with Pubco (the "Proposed Transaction") with the goal of creating a silver focused exploration and development company pursuant to the terms of a binding letter of intent (the "LOI") with Pubco. The Proposed Transaction is expected to result in the transfer of the Company's wholly owned Gavilanes silver property located in Durango, Mexico (the "Gavilanes Silver Project”) to Pubco in exchange for shares of Pubco (the "Gavilanes Acquisition"). Pubco also signed a binding letter of intent with certain funds managed by Wexford Capital LP to acquire the Commonwealth silver and gold property in Cochise County, Arizona (the "Commonwealth Silver-Gold Project”). Closing of the Gavilanes Acquisition is subject to, among other things, Pubco acquiring the Commonwealth Silver-Gold Project in exchange for shares of Pubco, a concurrent private placement financing for proceeds of US$5,000,000 (the "Private Placement"), and receipt of conditional acceptance from the TSX Venture Exchange (the "TSXV") to have Pubco's common shares listed on the TSXV.
Paolo Lostritto, VP Corporate Development of Sailfish states that, “investor and corporate appetite for silver has greatly improved over the past six months. At the same time, the work at both the Gavilanes Silver Project and Commonwealth Silver-Gold Project continue to show signs of significant exploration growth. At the Gavilanes Silver Project, surface geochemical surveys combined with follow-up trenching and sampling have identified several new veins that have yet to be drilled. This supports the view that there is significant exploration potential to expand mineralization at Gavilanes. [1] At the Commonwealth Silver-Gold Project, additional geophysical work is being done to refine and prioritize untested low-sulphidation epithermal targets that have remained untested because of a thin colluvial cover. The Commonwealth Silver-Gold Project currently targets a shallow open-pit. [2] Once public, Swordfish Silver plans to focus on rapidly expanding the precious metals resource inventory at both projects.”
For additional information regarding the Proposed Transaction and the Private Placement, please refer to the Company’s news release dated October 7, 2021.
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish’s portfolio are two main assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; and an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada.
Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under the symbol “SROYF". Please visit the Company's website at www.sailfishroyalty.com for additional information.
For further information: Cesar Gonzalez, CEO, tel. 203-862-7007 or Akiba Leisman, Executive Chairman, tel. 917-558-5289.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
