Canadian Silver Hunter Inc. has announced that Kuya Silver Corporation has completed its acquisition of a package of properties totaling approximately 1746 hectares in Silver Centre area (part of the greater Cobalt, Ontario mining district) from the Company.
Pursuant to the acquisition, in consideration for the transfer of the properties, Kuya Silver has issued 1,666,667 common shares of Kuya Silver to Canadian Silver Hunter. All such shares are subject to a statutory resale restriction of four-months and one day from the date of issuance. In addition, Canadian Silver Hunter and Kuya Silver have agreed that 25% of the shares are subject to a six-month minimum hold period and 25% of the shares are subject to a nine-month minimum hold period. The company has retained a 2% royalty on net smelter returns payable from any future commercial production from these properties.
The Agreement remains subject to approval by and fulfillment of the CSE and TSX Venture Exchange requirements.