Calissio Resources Group Inc (OTCMKTS:CRGP) reported that it finalized a deal with Milagros Del Cobre Mineria S.A. de C.V. whereby company sold its entire stake in San Pedro Mine. The purchase price of $14.60 million will be done by the assumption of debt and in stock and $7.36 million in cash to be paid before February 22, 2016.
The details
Calissio will have a 49% security interest in the sold San Pedro mine until the buyer firm compensates the full purchase amount. The deal covers a full release of Calissio and its affiliate firms from all potential liabilities and claims related to San Pedro. It permits the company to retain ownership of machinery at San Pedro mine.
The objective
The sale of the San Pedro Mine will create shareholder value by offering Calissio with an opportunity to advance with its master plan at its flagship asset, La Jovita Mine. The shareholders will gain significantly as the investment at La Jovita mine has great potential to provide with long term return. The sale of San Pedro mine was in best interest of the company and shareholders following which the company’s prime focus will remain on La Jovita Copper Mine.
The buzz
Calissio Resources Group Inc (OTCMKTS:CRGP) reported that it intends to finalize a deal with a engineering and mining entity in Mexico. It will not only create facilities but will also offer high-caliber expertise to advance La Jovita copper mine into full production. The company is in the final phase of relocating the mining tools to La Jovita Mine from San Pedro. The process is expected to complete by the end of this month. In addition, the company intends to upgrade to a senior exchange in the U.S. in coming nine months.
In last trading session, the stock price of Calissio jumped more than 9% to close the trading session at $0.00600. The gains came at a share volume of 17.17 million compared to average share volume of 5.33 million.
