Aftermath Silver Ltd (CVE:AAG) (OTCQB:AAGFF) said it had struck an amended agreement with SSR Mining over its previously announced acquisition of the Berenguela silver-copper project in Peru and final closing of the deal is expected on or before November 24, 2026.
The Berenguela silver-copper project is an epithermal polymetallic carbonate-replacement deposit, with a total tenement package of 6,594 hectares.
READ: Aftermath Silver looking forward to getting to work at Peru project as it inks definitive deal with SSR Mining
According to a 2018 JORC study, it contains 98 million ounces of measured and indicated (M&I) silver, plus 28 million ounces of silver in the inferred category. It also boasts 624 million pounds of copper measured and indicated and scoping study of the same year estimated an open-pit mine with a life of 12 years at 2 million tonnes per year.
The terms of the acquisition agreement have now been amended such that the total cash consideration payable to SSR Mining by Aftermath has decreased by US$275,000 from US$13 million to US$12.725 million.
Also, in lieu of the US$275,000 cash, the number of shares in Aftermath Silver issuable to SSR Mining has been increased to C$3,358,902.50 from C$3 million.
This means an additional 458,077 Aftermath shares are issuable to SSR Mining at a deemed price of C$0.7835 per share for a total of over 4.28 million so-called payment shares.
Aftermath has completed the initial closing of the transaction and made a cash payment of US$725,000 to SSR Mining and issued the payment shares.
The latter is subject to a statutory hold period of four months plus one day from initial closing, in accordance with applicable securities laws, expiring on March 24, 2021.
Final closing is subject to the satisfaction of certain customary conditions, including that Aftermath make the remaining cash payments to SSR Mining totalling US$11 million.
"I'd like to thank everyone at SSR Mining, Aftermath Silver and our legal team for their hard work in concluding the initial closing. I'd also like to welcome SSR Mining as one of our newest shareholders. We look forward to getting on the ground and advancing the Berenguela Project as soon as COVID-19 restrictions permit," said Ralph Rushton, CEO of Aftermath Silver, in a statement.
Aftermath Silver is focused on silver development opportunities in Chile and Peru, two of the world's top mining and silver jurisdictions.
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