Bruchou, Fernández Madero & Lombardi advised Patagonia Gold on the transaction
Patagonia Gold Corp. (TSXV: PGDC) has exercised the option pursuant to the previously announced definitive option agreement to acquire the Mina Angela property.
As announced on September 15, 2020, Patagonia signed the Definitive Agreement with Latin Metals Inc., which granted Patagonia an irrevocable option to acquire a 100% interest in the Mina Angela property, which was subsequently assigned to its wholly-owned subsidiary, Huemules S.A. The Mina Angela property is situated in the Somuncura Massif of southern Argentina and is comprised of 44 individual mining claims. It covers 200 km² and is located approximately 50 km east-southeast of Patagonia’s 100% owned Calcatreu gold project.
In connection with exercising the option, Patagonia will pay Latin Metals the second earn-in payment of US$250,000. A final payment of US$500,000 is expected to be paid within 30 days of verification that the legal restrictions preventing development of mining activity in the Chubut Province and at the Mina Angela property have been lifted in such a manner that Patagonia thereafter has the ability to perform exploration and exploitation mining activities on Mina Angela property. In addition, Latin Metals will be entitled to receive a 1.25% NSR from future production, half of which can be repurchased by Patagonia for US$1 million.
Bruchou, Fernández Madero & Lombardi advised Patagonia Gold with a team including Sebastián Vedoya (Picture) and Sergio Arbeleche.
Law Firms: Bruchou, Ferna?ndez Madero & Lombardi;
Clients: Patagonia Gold PLC;