TSXV – BEN.H
VANCOUVER, BC, Sept. 27,
2024 /CNW/ - (TSXV: BEN.H) (the "Company") is pleased
to announce, further to the Company's news release dated
September 3, 2024, that it has
entered into a definitive agreement dated September 27, 2024 (the "Agreement"), to acquire
a 100% interest in the El Quevar project (the "Transaction"). The
El Quevar project is located in Salta province, Argentina, a renowned mining region and is
owned by Silex Argentina S.A., a wholly owned subsidiary of Golden
Minerals Company ("Golden"), a publicly listed company. The Company
will complete the acquisition through the purchase of 100% of the
issued and outstanding shares of Silex Argentina S.A. for total
consideration of USD$3,500,000 in
cash. In connection with the Transaction, and further to the
Company's news release dated September 20,
2024, the Company has completed a concurrent non-brokered
private placement for gross proceeds of $15,270,230. A second deposit of USD$500,000 has been paid to Golden today.
Closing of the Transaction is subject to a number of conditions
including receipt of all required corporate, regulatory and third
party consents, including TSX Venture Exchange approval, and
satisfaction of other customary closing conditions. There can be no
assurance that the Transaction will be completed as proposed or at
all.
On behalf of BUTTE ENERGY INC.
"Geir Liland"
Chief Executive Officer
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 statements and information herein contain
forward-looking statements and forward-looking information within
the meaning of applicable securities laws. Such forward-looking
statements or information include but are not limited to statements
or information with respect to: the proposed acquisition of the El
Quevar project.
Although management of the Company believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that forward-looking statements or information herein will prove to
be accurate. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. These risk factors include, but are not
limited to: the acquisition of the El Quevar project may not be
completed as currently anticipated, or at all; exploration and
development of the El Quevar project may not result in any
commercially successful outcome for the Company; the conditions to
acquire the El Quevar project may not be met as currently
contemplated, or at all; risks associated with the business of the
Company; business and economic conditions in the mining industry
generally; changes in general economic conditions or conditions in
the financial markets; changes in laws (including regulations
respecting mining concessions); and other risk factors as detailed
from time to time.
The Company does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
(1) Source: El Quevar Mineral Resource Estimate. Golden
Minerals Company, filed on SEDAR+, February
26, 2018. Butte Energy intends on filing a current NI 43-101
technical report compliant resource estimate prior to or in
conjunction with the closing of the Transaction.
SOURCE Butte Energy Inc.
