By agreement dated as of June 22, 2018, and subsequently amended on June 24, July 24 and October 24th 2019, Aftermath agreed to purchase from Halo (formerly Apogee) 80% of the issued shares of Minera Cachinal, which owns a 100% interest in the Cachinal Property, for C$1,575,000. The remaining 20% of the shares in Minera Cachinal is owned by Silver Standard Resources.
On May 27, 2020, the Company announced that it had reached an agreement to acquire from SSR Mining Inc. (“SSR”) its 20% interest in the Cachinal. The amounts payable by Aftermath Silver to SSR are: $49,999 paid in cash on the effective date and $50,000 to be paid on the first anniversary of the effective date.
During the several years of inactivity at the Cachinal property, SSR, while owning only a 20% interest in the property, paid 100% of the property maintenance costs in order to maintain the property in good standing. Aftermath Silver has agreed to pay SSR $600,000 to settle debts owed to SSR by Minera Cachinal. The $600,000 will be paid to SSR according to the following schedule:
- $300,000 on the second anniversary of the effective date;
- $300,000 on the third anniversary of the effective date.