Welcome to our dedicated page for Sierra Madre Gol news (Ticker: SMDRF), a resource for investors and traders seeking the latest updates and insights on Sierra Madre Gol stock.
Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals development and exploration company with a focus on restarting the La Guitarra Mine in Mexico and exploring properties in Nayarit, Mexico. The company has secured financing and operational approvals to enhance its mine facilities, equipment, and environmental practices. With an experienced team and strategic partnerships, Sierra Madre aims to advance its mining operations sustainably and efficiently.
Sierra Madre Gold and Silver announced the appointment of Jose Francisco Correa Robles as General Manager of the La Guitarra Silver-Gold Mine and Mill Complex in Estado de Mexico, Mexico. Correa, who has over 23 years of experience in underground mining, has previously worked with Minera Frisco, LuisMin, Genco Resources, Farallon, Silvermex, and First Majestic Silver Corp. He has a strong connection with La Guitarra, having held various roles including General Manager in 2013 and 2015. Additionally, the company has issued stock options to 60 employees, directors, and consultants, granting the purchase of 7,350,000 common shares at $0.50 per share over a five-year period. An additional 225,000 shares were granted to a consultant for a two-year period. These options are subject to acceptance by the TSX Venture Exchange.
Sierra Madre Gold and Silver announced a US$5 million loan from First Majestic Silver Corp. to finalize preparations at the La Guitarra Silver-Gold Mine Complex in Mexico. The loan will be used for equipment upgrades, facility repairs, staffing, and underground development. The Company's President and CEO expressed gratitude for the non-equity, non-dilutive financing from First Majestic.
Sierra Madre Gold and Silver Ltd. updates on its acquisition of the La Guitarra Silver-Gold Mine, following shareholder approval for the exchange of 69,063,076 common shares valued at US$35 million. The acquisition aims to enhance production and cash flow from the operational mine in Mexico. The company seeks Mexican antitrust approval, expected in Q1 2023, to finalize the transaction. This strategic move positions Sierra Madre to leverage La Guitarra's historical resources of approximately 7.45 million oz silver-equivalent for future growth.
Sierra Madre Gold and Silver Ltd. (SMDRF) announced that at their special meeting on December 9, 2022, shareholders voted overwhelmingly (99.99%) in favor of acquiring all shares of La Guitarra Compañia Minera S.A. de C.V. from Corporacion First Majestic for 69,063,076 common shares, valued at approximately CAD 44.89 million (USD 35 million). This transaction is pending final acceptance from the TSX Venture Exchange. Additionally, the issuance of shares will create a new Control Person with First Majestic, approved by the same majority.
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