Key Developments: Esperanza Resources Corp (ESPZF.PK)
0.63USD
23 May 2013
$-0.02 (-3.77%)
$0.65
$0.62
$0.63
$0.62
3,740
15,120
$1.73
$0.62
Latest Key Developments (Source: Significant Developments)
Esperanza Resources Corp Enters Into Agreement With Pan American Silver To Acquire Three Advanced Gold Projects
Esperanza Resources Corp announced that it has entered into a binding letter agreement (the Agreement) with Pan American Silver Corp (Pan American) whereby: Esperanza will acquire a portfolio of advanced stage gold projects including the La Bolsa project in Mexico, the Pico Machay project in Peru, the Calcatreu project in Argentina and related exploration properties from Pan American for consideration of 50,900,000 common shares and 10,000,000 warrants of Esperanza (the Acquisition); Pan American will subscribe for 20,600,000 Common Shares of Esperanza at a price of $1.70 per Common Share representing a premium of 29% to the 20-day volume weighted average share price on the TSX Venture Exchange and a 48% premium to the closing price on February 22, 2013 (the Offering); and Esperanza and Pan American have committed to enter into a $15,000,000 standby convertible credit facility (the Standby Facility and, collectively with the Acquisition and the Offering, the Transaction). Full Article
Esperanza Resources Corp Announces Disposition of Non-Core Assets
Esperanza Resources Corp announced that it has entered into an agreement with Pucara Resources Corp. (Pucara) in respect of the purchase and sale of certain non-core mineral claims in Peru that comprise the Pucara Portfolio. Pursuant to the terms of the agreement Pucara will receive the Pucara Portfolio in exchange for the payment of shares in the capital of Pucara and the retention by Esperanza of a 1% net smelter returns royalty on the Pucara Portfolio. On closing of the transaction, Esperanza will own approximately 10% of the outstanding shares of Pucara. Full Article
Esperanza Resources Corp Appoints Kylie Dickson As Chief Financial Officer
Esperanza Resources Corp announced the appointment of Ms. Kylie Dickson as Chief Financial Officer. Full Article
Esperanza Resources Corp Announces Additions to Management
Esperanza Resources Corp announced the addition to the Company's management team of Mr. Daniel O'Flaherty as Executive Vice President, Corporate Development, Mr. Johannes J. Miller as Vice President, Operations and Ms. Kylie Dickson as Chief Financial Officer (CFO). Mr. David Miles, an employee of Seabord Services Corp and the Company's current CFO will assist with transition. Full Article
Esperanza Resources Corp Announces Management Change-Canada Stockwatch News
Canada Stockwatch News reported that Esperanza Resources Corp. has appointed Greg Smith as the new President and Chief Executive Officer (CEO) and Laurence Morris as the new Chief Operating Officer (COO) of the Company. Mr. Smith has also been appointed to the Board of Directors of Esperanza. William Pincus has also resigned as the Company's President and Chief Executive Officer (CEO) and has been appointed Chairman of the Board of Directors of Esperanza. Full Article
Citation Resources Inc. Enters Into Option Agreement To Acquire 100% Of Biricu Prospect, Mexico From Esperanza Resources Corp
Citation Resources Inc. announced that it has entered into an option agreement (the Option Agreement) with Esperanza Resources Corp. (Esperanza) to acquire 100% of Esperanza's Biricu Prospect mineral exploration concession located in Guerrero State, Mexico. The Biricu concessions comprise more than 41,000 hectares of highly prospectable ground and are the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt. The Option Agreement's material terms are as set forth in the Letter of Intent between the two parties and disclosed in the Company's November 23, 2011 news release. Pursuant to the terms of the Option Agreement the Company will be required to make a cash payment of $20,000 upon execution of the Option Agreement and over four years issue 1,050,000 common shares in Citation to Esperanza, including 250,000 on the first anniversary of executing the Option Agreement; and complete exploration expenditures of $4,000,000, including $250,000 in the first year. The Option Agreement also gives Esperanza the right to nominate one Director to Citation's Board. In addition, Esperanza will also be granted a 2% net smelter royalty on all metals recovered from the property and be paid within six months of Citation receiving a bankable feasibility study on the property a resource payment equal to CAD10.00 per ounce of gold resource estimated in the bankable feasibility study. Full Article
Citation Resources Inc. Enters Into Letter of Intent for 100% Option in Biricu Prospect, Mexico from Esperanza Resources Corp
Citation Resources Inc. announced that it has signed a Letter of Intent with Esperanza Resources Corp. (Esperanza) for an option to acquire Esperanza's 100% interest in the Biricu Prospect mineral exploration concession located in Morelos State, Mexico. The Biricu Prospect comprises more than 38,000 hectares of prospectable ground. Management believes that the Biricu Prospect is the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt. To date, limited exploration activity has been conducted on the property. Pursuant to the terms of the Option Agreement the Company will be required to make a cash payment of $20,000 upon execution of the Option Agreement and over four years: issue 1,050,000 common shares in Citation to Esperanza, including 250,000 on the first anniversary of executing the Option Agreement; and complete exploration expenditures of $4,000,000, including $250,000 in the first year. Esperanza will also nominate one Director to Citation's Board. In addition, Esperanza will also be granted a 2% net smelter royalty on all metals recovered from the property and be paid within six months of Citation receiving a bankable feasibility study on the property a resource payment equal to CDN10.00 per ounce of gold resource estimated in the bankable feasibility study, which sum will be payable in cash or, at Citation's election, satisfied by the issuance of common shares in Citation. Full Article
Esperanza Resources Corp Signs Definitive Agreement to Sell San Luis Joint Venture to Standard Resources Inc.
Esperanza Resources Corp announced that it has signed a definitive agreement and received shareholder approval to transfer its 30% interest in the San Luis joint venture in Peru to Silver Standard Resources Inc. Consideration for the sale is CAD17 million, the return of 6,459,600 shares of Esperanza owned by Silver Standard (which Esperanza will cancel), and a 1% net smelter returns royalty on all future production at the San Luis project. Final closing documentation is being prepared and the sale is anticipated to be closed by July 15, 2011. Full Article
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