Almaden Minerals Successfully Sells Rock Creek Mill Assets
Almaden Minerals Completes Sale of Rock Creek Mill
Almaden Minerals Ltd. is thrilled to share significant news with its stakeholders regarding the successful completion of the Rock Creek Mill sale. This strategic move marks a pivotal moment for the company as it aligns with its goals for growth and financial stability. The assets were sold to Metals Exploration PLC, and Almaden received substantial gross proceeds totaling US$9,700,000.
Details of the Transaction
The structured agreement outlined that 15% of the purchase price would be allocated as a commission to an equipment sales broker. This arrangement reflects Almaden's commitment to ensuring a smooth transaction while maximizing its financial return from the sale.
Repayment of Gold Loan
With the successful completion of the asset sale, Almaden is poised to move forward with the repayment of its existing gold loan. This loan, originally established with Almadex Minerals Ltd., is set to be repaid through the return of 397 ounces of undrawn balance and physical delivery of gold bullion with a remarkable purity level of 99.99% to Almadex. The repayment amount amounts to USD$5,194,354, which includes accrued interest and standby fees.
Impact of the Gold Loan Repayment
This strategic repayment decision reinforces Almaden's focus on maintaining financial health and operational efficiency. The timing of this settlement to align with the finished transaction reflects prudent financial management and the company's commitment to minimizing liabilities.
Engagement with Stakeholders
In a statement on behalf of the Board of Directors, J. Duane Poliquin expressed enthusiasm regarding the recent developments. He emphasized the positive outlook for Almaden as it navigates through crucial financial transformations and continues to foster relationships with stakeholders.
Almaden's Future Outlook
As Almaden looks ahead, the company is determined to leverage the resources obtained from the sale for future growth opportunities. Investors can anticipate a firm focus on maximizing shareholder value and exploring new ventures that align with Almaden’s strategic vision.
Conclusion
This achievement represents not only a financial milestone for Almaden but serves as a clear indication of the company's strong commitment to enhancing its operations. The recent completion of the Rock Creek Mill sale and the forthcoming repayment of the gold loan are steps that exemplify Almaden's dedication to responsible financial stewardship and operational excellence.
Frequently Asked Questions
What prompted Almaden to sell the Rock Creek Mill?
The sale is part of Almaden's strategy to maximize returns and improve financial stability.
How much did Almaden receive from the Rock Creek Mill sale?
Almaden received gross proceeds of US$9,700,000 from the sale.
Who was the buyer of the Rock Creek Mill?
The buyer of the Rock Creek Mill was Metals Exploration PLC.
What will Almaden do with the proceeds from the sale?
Almaden plans to use the proceeds to repay its gold loan and invest in future growth opportunities.
What is the significance of the gold loan repayment?
The repayment signifies Almaden's commitment to financial health and reducing operational liabilities.
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