On August 23, 2022, Kootenay Silver (“Kootenay Silver”) announced it completed the sale of its 35% interest in the joint venture company (“JV Corp.”) that holds the Cervantes porphyry gold-copper project in Sonora, Mexico (the “Transaction”) to Aztec Minerals Corp. (“Aztec”). In consideration for the 35% interest in the JV Corp., Aztec issued 10,000,000 common shares in the capital of Aztec (the “Aztec Shares”), at a purchase price of $0.25 per Aztec Share for an aggregate consideration of $2,500,000 and Kootenay Silver has retained a 0.5% net smelters returns royalty. As a result of Transaction, JV Corp. is a wholly owned subsidiary of Aztec.
Kootenay Silver is a mineral exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay Silver continues to provide its shareholders with significant leverage to silver prices. Kootenay Silver remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in prolific mining districts in Sonora, State and Chihuahua, State, Mexico, respectively.
Further details regarding Kootenay Silver and the Transaction can be found on Kootenay Silver’s website. Kootenay Silver trades under the symbol “KTN” on the TSX Venture Exchange.