Almaden Minerals Completes Rock Creek Mill Sale
Almaden Minerals Ltd. is thrilled to share that it has successfully finalized the sale of the Rock Creek Mill. This accomplishment is a significant milestone for the company, as it represents not only a strategic move forward but also the realization of financial goals set by the Board of Directors.
Details of the Transaction
The mill was sold to Metals Exploration PLC, and Almaden received aggregate gross proceeds of $9.7 million from this transaction. A portion of these proceeds, specifically 15%, will be allocated as a commission to the equipment sales broker who facilitated the deal. This financial boost provides Almaden with greater flexibility in its operational strategy moving forward.
Gold Loan Repayment Plan
Following the successful sale, Almaden has announced plans for the early repayment of a secured gold loan with Almadex Minerals Ltd. This gold loan, which has been a part of Almaden's financing strategy, will be settled through a combination of physical delivery and cash value. The repayment includes the return of 397 ounces of undrawn gold along with a physical delivery of gold bullion that matches the loan balance, totaling around $5.19 million, inclusive of associated fees.
Company’s Future Directions
Transitioning past debts, particularly significant financial commitments like the gold loan, signals that Almaden is in a robust stage of financial management. With the completed sale, the company can refocus resources towards the development of high-priority projects that align with Almaden’s long-term vision.
Continued Commitment to Shareholders
On behalf of the Board of Directors, J. Duane Poliquin emphasized the importance of this transaction in not only enhancing the financial position of Almaden but also in serving the interests of its shareholders. The sale and subsequent repayment of the loan are aligned with Almaden's ongoing commitment to maximizing shareholder value through strategic asset management and sound financial strategies.
Contact Information for Almaden Minerals
For further information or inquiries, interested parties can reach out to Almaden Minerals Ltd. via the following contact details:
Tel: 604.689.7644
Email: info@almadenminerals.com
Website: www.almadenminerals.com
Frequently Asked Questions
What was the purpose of the Rock Creek Mill sale?
The sale of the Rock Creek Mill was aimed at generating funds to enhance Almaden's financial flexibility and to facilitate the early repayment of a gold loan.
How much did Almaden receive from the sale?
Almaden received $9.7 million in gross proceeds from the sale of the Rock Creek Mill.
Who did Almaden sell the mill to?
Almaden sold the Rock Creek Mill to Metals Exploration PLC.
What will Almaden do with the proceeds from the sale?
The proceeds from the sale are primarily being used to repay the outstanding balance on a gold loan Ahmadex Minerals Ltd.
How can I get in touch with Almaden Minerals?
Interested individuals can contact Almaden Minerals via phone at 604.689.7644 or email at info@almadenminerals.com.
