TORONTO, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Cerro Grande Mining Corporation (the “Company” or “CEG”) (CSE:CEG) announces that the Asset Purchase and Contracts Assignment Agreement (the “APA”) dated December 1, 2020 entered into between Minera Tamidak Limitada (“Tamidak”) and the Company’s wholly-owned subsidiary Minera Til Til SpA (“Til Til”) pursuant to which Til Til acquired from Tamidak the mining concessions and other assets covering the Pimentón Copper Gold Mining Project as originally reported in the Company’s news release dated December 1, 2020 has been amended such that the date for the third and final installment payment of the Purchase Price (as defined below) under the APA due on December 1, 2023 has been extended to June 1, 2024.

Pursuant to the APA, CEG has paid, on behalf of Til Til, the first and second installments in the aggregate amount of $2,600,000,000 Chilean Pesos of the total purchase price payable thereunder in the amount of $3,900,000,000 Chilean Pesos (approximately CDN$6.08 million) (the “Purchase Price”) by issuing an aggregate of 83,889,025 common shares of the Company to Tamidak at a deemed issuance price of CDN$0.05 per share.

Pursuant to the APA, as amended, the third and final installment of the Purchase Price, in the amount of $1,300,000,000 Chilean Pesos, is due no later than June 1, 2024 and is payable in ...
https://www.globenewswire.com/news-release/2023/12/08/2793393/0/en/Cerro-Grande-Mining-Corporation-Announces-Extension-to-Date-for-Payment-of-Last-Installment-of-Purchase-Price-under-APA.html