Posted in | News | Mining Business

Malbex Provides Update on Agreement with Barrick for Del Carmen Project

Malbex Resources Inc. provided an update today on its previously announced agreement with Barrick Gold Corporation relating to Malbex's Del Carmen project in San Juan Province, Argentina whereby Barrick will have the option to earn in to a 51%, and then a 75%, interest in the Del Carmen Project based on meeting certain expenditure requirements.

In conjunction with the earn-in arrangements, Barrick has agreed to subscribe for an aggregate of 14,285,714 common shares of Malbex for an aggregate subscription price of C$1,000,000.

The closing of the Private Placement and the earn-in arrangements is conditional on, among other things, Malbex causing the exploration agreement covering the Del Carmen Project to be transferred to a newly-formed entity jointly-owned by wholly-owned subsidiaries of Barrick and Malbex, the extension of such exploration agreement, the delivery of required work and environmental permits for the Del Carmen Project and the approval of the TSX Venture Exchange. Malbex and Barrick are continuing to work towards satisfying all the conditions necessary to close the Private Placement and the earn-in arrangements. All of the terms and conditions of the Private Placement and the earn-in arrangements remain the same since they were announced on April 22, 2014.

Source: http://www.malbex.ca/

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Malbex Resources. (2019, February 17). Malbex Provides Update on Agreement with Barrick for Del Carmen Project. AZoMining. Retrieved on August 17, 2022 from https://www.azomining.com/News.aspx?newsID=10001.

  • MLA

    Malbex Resources. "Malbex Provides Update on Agreement with Barrick for Del Carmen Project". AZoMining. 17 August 2022. <https://www.azomining.com/News.aspx?newsID=10001>.

  • Chicago

    Malbex Resources. "Malbex Provides Update on Agreement with Barrick for Del Carmen Project". AZoMining. https://www.azomining.com/News.aspx?newsID=10001. (accessed August 17, 2022).

  • Harvard

    Malbex Resources. 2019. Malbex Provides Update on Agreement with Barrick for Del Carmen Project. AZoMining, viewed 17 August 2022, https://www.azomining.com/News.aspx?newsID=10001.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit