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Stock Market & Financial Investment News

News Breaks
December 20, 2013
05:30 EDTSSRISilver Standard to sell Challacollo project
Silver Standard announced that it has entered into a definitive agreement with Mandalay Resources to sell 100% of its Challacollo project in Region I, Chile. Under the terms of the definitive agreement, Silver Standard will sell its interest in Challacollo for aggregate consideration of: $7.5M cash payable at closing; 12Mcommon shares of Mandalay issued at closing; 5M common shares of Mandalay issued at the end of the first quarter in which commercial production has commenced; and The cash equivalent of 240,000 ounces of silver in eight quarterly installments, beginning the quarter immediately following the quarter in which commercial production has commenced. Silver Standard will also have a 2.0% NSR royalty on silver sales in excess of 36M ounces, up to a maximum of $5M.
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