Silver Viper Finalizes $15M All-Share Acquisition of Coneto Silver-Gold Project
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Silver Viper Minerals has executed a definitive agreement to acquire 100% ownership of the Coneto Silver-Gold Project in Durango, Mexico, from Fresnillo plc and Orex Minerals Inc. The acquisition is valued at US$15 million (C$20.4 million) and will be satisfied by issuing 25,531,875 common shares to the vendors. This represents a material expansion of Silver Viper's precious metals portfolio, described by the company as a "transformational step" that significantly increases its district-scale exposure. While the acquisition was previously announced, the execution of a definitive agreement marks a critical step towards closing the deal, though the all-share consideration will result in substantial dilution for existing shareholders. Investors will now watch for the completion of customary closing conditions, including TSX Venture Exchange approval, and the company's plans for integrating and developing the Coneto Project.
At the time of this announcement, VIPRF was trading at $0.81 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $74.9M. The 52-week trading range was $0.10 to $1.89. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.