Bear Creek Mining (TSXV: BCM) Provides Update on US$25 Million Equinox Gold Payment in Latest Gold Stock News
Bear Creek Mining Corporation Announces Revised Terms for Mercedes Gold Mine Acquisition
Bear Creek Mining Corporation has announced that it has revised the terms of its agreement with Equinox Gold Corp. to acquire the Mercedes Gold Mine in Sonora, Mexico. The revised terms will allow for the final US$25 million purchase price installment to be amortized over a two-year period.
The Deferred Payment, which was originally due on October 26, 2022, will now be converted into a secured interest bearing obligation. This will provide Bear Creek with greater flexibility in managing its cash flow and will allow the company to focus on the development of the Mercedes Gold Mine.
“We are pleased to have reached an agreement with Equinox Gold that will allow us to complete the acquisition of the Mercedes Gold Mine on more favorable terms,” said Andrew Swarthout, President and CEO of Bear Creek Mining Corporation. “This revised agreement will provide us with greater financial flexibility and will allow us to focus on the development of this world-class asset.”
The Mercedes Gold Mine is a high-grade underground gold-silver mine located in the state of Sonora, Mexico. The mine has been in operation since 2011 and has produced over 600,000 ounces of gold and 10 million ounces of silver to date.
Bear Creek Mining Corporation is a Canadian mining company focused on the exploration and development of precious and base metal properties in Peru and Mexico. The company’s portfolio includes the Corani silver-lead-zinc deposit in Peru and the Santa Ana silver project in Mexico.
The revised terms of the agreement with Equinox Gold are subject to regulatory approval and are expected to be completed in the coming weeks.