Vancouver, British Columbia, August 12, 2015 – Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”) announces that it has signed a non-binding Letter of Intent for the sale of its Mexican Subsidiary Minera ISP, S. de R.L. de C.V. (“MISP”) with Reyna Minas, S.A. de C.V. (“Reyna”). As a result of the execution of the Letter of Intent, the Company is now working exclusively with Reyna in regard to the sale of its Mexican assets.
Subject to completing due diligence, the terms for the purchase of 100% of the outstanding shares of MISP are as follows:
- USD$10,000 upon execution of the LOI (C$10,000 received to date);
- USD$30,000 on September 20, 2015 upon completion of satisfactory due diligence; signing of definitive documentation; and taking control of MISP;
- USD$60,000 on December 20, 2015;
- USD$250,000 on March 20, 2016; and
- USD$1,000,000 on January 20, 2017.
The Company cautions that the above terms are all subject to change ahead of any finalizing of definitive documentation during the due diligence period and there is no guarantee any further payment will be received should a transaction not be consummated.
Further information will be provided in due course.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosure in this release, including statements regarding the intended use of proceeds from the private placement, constitute forward-looking information or statements (collectively, “forward-looking statements”) for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company’s planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management’s expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company’s exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.