Regency Silver Corp. (TSX-V:RSMX) announced that it has entered into an option exercise agreement with Minera Pena Blanca, SA de CV, in which Minera Pena has agreed to waive the last exploration expenditure of US$250,000 required to exercise the option for a 100% interest in the Dios Padre property in Mexico.
The silver and gold exploration company said consideration for the early exercise is the issuance of 300,000 Regency Silver common shares at a deemed price of C$0.245 per share.
Regency Silver noted the completion of the transactions remains subject to all regulatory approvals, including the approval of the TSX Venture Exchange, which must be obtained by October 20, 2022.
READ: Regency Silver options Oso Blanco claims in Sonora state, Mexico
All common shares to be issued in connection with the agreement will be subject to a four-month hold period from the date of issue in accordance with applicable securities legislation.
As well, the company reported that the TSX Venture Exchange has accepted its agreement with M Partners Inc to provide Regency Silver with ongoing advisory services.
In consideration for the services, the company has agreed to issue 500,000 of its common shares to M Partners at a deemed price of C$0.10 per share.
The common shares will be subject to a four-month hold period from the date of issue in accordance with applicable securities legislation.
Regency Silver is a silver and gold exploration company focused on the Americas. Its flagship project is the Dios Padre silver project in Sonora, Mexico.
Contact Sean at sean@proactiveinvestors.com