Minera Alamos Announces Closing of Sabre Gold Acquisition
Minera Alamos (TSXV: MAI) has completed its acquisition of Sabre Gold Mines and its flagship Copperstone gold project. The transaction creates a diversified North American gold producer with potential for 150,000 oz of annual gold production. The Copperstone mine, which previously produced 514,000 oz of gold from 1987-1993, is at advanced permitting stage for near-term restart.
Under the transaction terms, each Sabre share was exchanged for 0.693 Minera Alamos shares, resulting in 76,499,114 new shares being issued. Post-transaction, existing Minera Alamos shareholders own approximately 86% of the company, while former Sabre shareholders own 14%. Prior to closing, approximately CAD$9.5 million in debt was settled through the issuance of Sabre shares.
The company has added key personnel, including Louell Uy for mine planning and Garth Wilcox for engineering support at Copperstone. Plans are underway to relocate processing plant equipment from Val d'Or, Quebec to the Copperstone site.
Minera Alamos (TSXV: MAI) ha completato l'acquisizione di Sabre Gold Mines e del suo principale progetto aurifero, Copperstone. Questa transazione crea un produttore d'oro diversificato in Nord America con un potenziale di produzione annuale di 150.000 once d'oro. La miniera di Copperstone, che ha precedentemente prodotto 514.000 once d'oro dal 1987 al 1993, è attualmente in fase avanzata di autorizzazione per un riavvio a breve termine.
Secondo i termini della transazione, ciascuna azione di Sabre è stata scambiata per 0,693 azioni di Minera Alamos, portando all'emissione di 76.499.114 nuove azioni. Dopo la transazione, gli azionisti esistenti di Minera Alamos possiedono circa l'86% della società, mentre i precedenti azionisti di Sabre detengono il 14%. Prima della chiusura, circa 9,5 milioni di dollari canadesi di debiti sono stati saldati attraverso l'emissione di azioni Sabre.
L'azienda ha aggiunto personale chiave, tra cui Louell Uy per la pianificazione mineraria e Garth Wilcox per il supporto ingegneristico a Copperstone. Sono in corso piani per riposizionare l'attrezzatura dell'impianto di lavorazione da Val d'Or, Quebec, al sito di Copperstone.
Minera Alamos (TSXV: MAI) ha completado su adquisición de Sabre Gold Mines y su proyecto insignia Copperstone. La transacción crea un productor de oro diversificado en América del Norte con un potencial de producción anual de 150,000 onzas de oro. La mina Copperstone, que anteriormente produjo 514,000 onzas de oro entre 1987 y 1993, se encuentra en una etapa avanzada de permisos para un reinicio a corto plazo.
Bajo los términos de la transacción, cada acción de Sabre fue intercambiada por 0.693 acciones de Minera Alamos, lo que resultó en la emisión de 76,499,114 nuevas acciones. Después de la transacción, los accionistas existentes de Minera Alamos poseen aproximadamente el 86% de la empresa, mientras que los antiguos accionistas de Sabre poseen el 14%. Antes del cierre, se liquidaron aproximadamente 9.5 millones de CAD en deudas mediante la emisión de acciones de Sabre.
La empresa ha añadido personal clave, incluyendo a Louell Uy para la planificación minera y a Garth Wilcox para el apoyo de ingeniería en Copperstone. Se están realizando planes para trasladar el equipo de la planta de procesamiento de Val d'Or, Quebec, al sitio de Copperstone.
미네라 알라모스 (TSXV: MAI)가 사브르 골드 마인즈 및 주요 구리 스톤 금 프로젝트의 인수를 완료했습니다. 이번 거래는 연간 150,000 온스의 금 생산 잠재력을 가진 북미의 다각화된 금 생산업체를 만듭니다. 구리 스톤 광산은 1987년부터 1993년까지 514,000 온스의 금을 생산했으며 단기 재개를 위한 고급 허가 단계에 있습니다.
거래 조건에 따라, 사브르의 각 주식은 0.693 미네라 알라모스 주식으로 교환되어 76,499,114개의 새로운 주식이 발행되었습니다. 거래 이후 기존 미네라 알라모스 주주들은 회사의 약 86%를 소유하고, 이전 사브르 주주들은 14%를 소유하고 있습니다. 거래 완료 전에, 약 9.5백만 캐나다 달러의 부채가 사브르 주식 발행을 통해 정산되었습니다.
회사는 광산 계획을 위한 루엘 우이와 구리 스톤에서의 엔지니어링 지원을 위한 가스 윌콕스를 포함한 핵심 인력을 추가했습니다. 발도르, 퀘벡에 있는 가공 공장 장비를 구리 스톤 부지로 이전하기 위한 계획이 진행 중입니다.
Minera Alamos (TSXV: MAI) a finalisé son acquisition de Sabre Gold Mines et de son projet phare Copperstone. Cette transaction crée un producteur d'or diversifié en Amérique du Nord avec un potentiel de production annuelle de 150 000 onces d'or. La mine Copperstone, qui a produit précédemment 514 000 onces d'or entre 1987 et 1993, est actuellement à un stade avancé de permis pour une reprise à court terme.
Selon les termes de la transaction, chaque action de Sabre a été échangée contre 0,693 action de Minera Alamos, ce qui a abouti à l'émission de 76 499 114 nouvelles actions. Après la transaction, les actionnaires existants de Minera Alamos détiennent environ 86 % de la société, tandis que les anciens actionnaires de Sabre possèdent 14 %. Avant la clôture, environ 9,5 millions CAD de dettes ont été réglées par l'émission d'actions de Sabre.
L'entreprise a ajouté des personnels clés, notamment Louell Uy pour la planification minière et Garth Wilcox pour le soutien en ingénierie à Copperstone. Des plans sont en cours pour déplacer l'équipement de l'usine de traitement de Val d'Or, Québec, vers le site de Copperstone.
Minera Alamos (TSXV: MAI) hat die Übernahme von Sabre Gold Mines und deren Hauptprojekt Copperstone abgeschlossen. Diese Transaktion schafft einen diversifizierten Goldproduzenten in Nordamerika mit einem jährlichen Produktionspotenzial von 150.000 Unzen Gold. Die Copperstone-Mine, die von 1987 bis 1993 514.000 Unzen Gold produziert hat, befindet sich in einem fortgeschrittenen Genehmigungsstadium für eine kurzfristige Wiederinbetriebnahme.
Im Rahmen der Transaktionsbedingungen wurde jede Sabre-Aktie gegen 0,693 Minera Alamos-Aktien eingetauscht, was zur Ausgabe von 76.499.114 neuen Aktien führte. Nach der Transaktion besitzen die bestehenden Aktionäre von Minera Alamos etwa 86% des Unternehmens, während die ehemaligen Sabre-Aktionäre 14% besitzen. Vor dem Abschluss wurden etwa 9,5 Millionen CAD Schulden durch die Ausgabe von Sabre-Aktien beglichen.
Das Unternehmen hat Schlüsselpersonal hinzugefügt, darunter Louell Uy für die Bergbauplanung und Garth Wilcox für die technische Unterstützung bei Copperstone. Es sind Pläne in Arbeit, die Ausrüstung der Verarbeitungsanlage von Val d'Or, Québec, zum Copperstone-Standort zu verlagern.
- Acquisition adds potential for 150,000 oz annual gold production
- Copperstone mine has proven production history of 514,000 oz gold
- Advanced permitting stage allows for near-term restart
- Existing infrastructure and process plant equipment reduces startup costs
- Debt settlement of CAD$9.5 million improves balance sheet
- Significant share dilution with issuance of 76,499,114 new shares
- Additional dilution from 6.2M new stock options granted
- Transportation costs pending for mill equipment relocation from Quebec to Arizona
Copperstone Mine Development Plans and New Team Additions
Toronto, Ontario--(Newsfile Corp. - February 6, 2025) - Minera Alamos Inc. (TSXV: MAI) (the "Company" or "Minera Alamos") and Sabre Gold Mines Corp. ("Sabre") (TSX: SGLD; OTCQB: SGLDF) are pleased to announce the closing of the previously announced acquisition by Minera Alamos of Sabre and its flagship Copperstone gold project (see news release dated October 28th, 2024) (the "Transaction").
Creation of a Diversified North American Gold Producer Platform - Beyond the Santana gold mine operations (Sonora, Mexico), the addition of Copperstone (Arizona, US) helps provide visibility to a further 150koz of annual gold production in premier mining jurisdictions in North America
Acquisition of Past Producing Copperstone Mine - Sabre's flagship asset produced a total of 514,000 oz of gold from 1987 to 1993. Along with existing infrastructure, the project contains significant additional resource ounces and is at advanced stage permitting for a near-term mine restart
Accelerating Copperstone Back into Production - Minera Alamos' in-house mine-building expertise combined with Minera Alamos's previously acquired process plant equipment will allow for significant reductions in restart time of the Copperstone mine in this very strong gold price environment
"We are excited to have closed the Sabre Transaction that provides a new development platform for our shareholders in a stable jurisdiction. The Copperstone mine provides excellent leverage to gold prices and is in keeping with our other assets in that it has robust economics at much lower and more conservative gold price scenarios." stated Doug Ramshaw, President of Minera Alamos. "Even in advance of the acquisition closing we have had discussions with various project financing groups with regard to advancing Copperstone. With a shift toward more positive sentiment on the outlook for the Mexican mining industry in 2025, this year is expected to be a very active one for the Company and we are preparing for overlapping project development work in both Mexico and Arizona."
Team
Minera Alamos is pleased to have added Louell Uy to our mining planning group. Louell has been an independent consultant for the last 6 years, following his work with both Teck and Rio Tinto between 2008 and 2017 in various capacities that largely centred around mine planning engineering which will be leaned on heavily both at Santana and Cerro de Oro in Mexico as well as at the newly acquired Copperstone mine.
In addition, Minera Alamos has begun the process of adding team members that will be exclusively focused on the Copperstone project. Garth Wilcox will be providing additional engineering, design and construction support services as the project lead for Consultec Group. Garth previously worked with the Minera Alamos team during the successful build out of the El Castillo gold mine under the Castle Gold banner in 2008-2011.
Mill Components Relocation
Minera Alamos is currently reviewing transportation proposals for the movement of the processing plant (mill) equipment that is currently in storage in Val d'Or, Quebec down to the Copperstone site. A full schedule for the move is expected to be finalized later this quarter.
Preliminary Economic Assessment ("PEA") Update
As part of the requirements of the Securities Authorities, the previous PEA Report commissioned for Sabre titled "NI 43-101 Technical Report: Preliminary Economic Assessment for the Copperstone Project, La Paz County, Arizona, USA" by Hard Rock Consulting LLC and with an effective date of June 26, 2023, will be re-issued in Minera Alamos's name. This is expected to be filed in February 2025 and will take into account the reduced royalty load as a result of Sabre extinguishing a
Stock Option Grant
Minera Alamos has also granted 6,200,000 incentive options to new and existing employees, management, directors and consultants of the Company with an exercise price of
Transaction Details
Pursuant to the Transaction, each issued and outstanding common share of Sabre (the "Sabre Shares"), including each Sabre Share issued in connection with the Debt Settlement (defined below), was acquired and exchanged for 0.693 of a Minera Alamos common share (the "Minera Alamos Shares"), resulting in the issuance of 76,499,114 Minera Alamos Shares. Prior to closing, certain related party creditors of Sabre (the "Creditors") agreed to settle approximately CAD
In addition, the Company issued an aggregate of 2,546,775 options to acquire Minera Alamos Shares ("Minera Options") in exchange for the issued and outstanding options to acquire Sabre Shares. The Minera Options have exercise prices ranging from
Upon completion of the Transaction (including the Debt Settlement), existing Minera Alamos and Sabre shareholders will own approximately
As a condition of closing, Sabre also amended its existing gold purchase and sale agreement with Star Royalties Ltd. (the "GPSA") and in connection therewith Minera Alamos has agreed to grant to Star Royalties Ltd. ("Star Royalties") security over the Sabre Shares post-closing, being consistent with the terms of the security which Star Royalties held prior to closing. Pursuant to the GPSA, Star Royalties already held security interests over substantially all of Sabre's assets, which will continue post-closing.
The Sabre Shares are expected to be delisted from the Toronto Stock Exchange (the "TSX") as of the close of trading on or around February 7, 2025. Minera Alamos will now apply for Sabre to cease to be a reporting issuer under applicable Canadian securities laws.
Information regarding the procedure for exchange of Sabre Shares for Minera Alamos Shares is provided in Sabre's management information circular dated December 3, 2024, related to the Sabre special meeting (the "Circular"). The Circular and accompanying letter of transmittal are available under Sabre's profile at www.sedarplus.ca.
The listing of the issued Minera Shares remains subject to the final approval of the TSX Venture Exchange.
Settlement on Financial Advisory fees
Minera Alamos further announces that it has agreed to settle a payable (debt) with an arms length party (who was engaged by Sabre as financial advisor on the Transaction) in the amount of
Darren Koningen, P. Eng., Minera Alamos' CEO, has reviewed and approved the scientific and technical information regarding Minera Alamos and its projects contained in this news release. Darren Koningen is a Qualified Person within the meaning of Canadian Securities Administrator's National Instrument 43-101 ("NI 43-101").
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Victoria Vargas de Szarzynski,
VP Investor Relations
Tel: 289-242-3599
Email: vvargas@mineraalamos.com
Website: www.mineraalamos.com
Sabre Gold Mines Corp.
Andrew Elinesky, CEO and President
Tel: 416-904-2725
Email: andrew@sabre.gold
About Minera Alamos Inc.
Minera Alamos is a gold production and development Company. The Company has a portfolio of high-quality Mexican assets, including the
The Company's strategy is to develop very low capex assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions.
Caution Regarding Forward-Looking Information
This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information herein, other than information of historical fact, constitutes forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. This information is based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking information in this news release includes, but is not limited to, the delisting of the Sabre Shares from the TSX; the application for Sabre Gold to cease to be a reporting issuer in relevant jurisdictions; the successful settlement of the financial advisory fee by issue of Minera Alamos Shares; statements concerning future exploration plans at the Company's mineral projects; the Company's proposed business strategy; and the development and condition of the Company's mining assets. The forward-looking information is based on assumptions and addresses future events and conditions that, by their very nature involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos' mineral properties, and the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in forward-looking information for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in forward-looking information for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on Minera Alamos' forward-looking information. Minera Alamos does not undertake to update any forward-looking information that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
The Company does not have a feasibility study of mineral reserves, demonstrating economic and technical viability for the Santana project, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239896
FAQ
What is the exchange ratio for Sabre Gold shares in the MAIFF acquisition?
How much gold did the Copperstone mine historically produce?
What is the expected annual gold production potential after the MAIFF acquisition?
How much debt was settled in the MAIFF-Sabre Gold transaction?
What is the ownership structure after the MAIFF-Sabre merger?
