Aya Gold & Silver Sells Its Azegour Mining Project to Sama Resources
Aya Gold & Silver Signs Agreement with Sama Resources for Azegour Mining Project Transfer
On Thursday, November 5th, Aya Gold & Silver announced the signing of an agreement with Sama Resources regarding the transfer of its Azegour mining project located in Morocco. In return for this transaction, the Canadian company will receive a 19.11% equity stake in Sama Resources through common shares.
This transaction will allow Aya Gold & Silver to appraise this mining asset while maintaining a financial interest in its development through a minority stake in the acquiring company.
A Dedicated Subsidiary for the Transfer of Azegour Assets
The mechanism established for this transaction involves the creation of a specific subsidiary by Aya Gold & Silver. This new entity will consolidate the mining rights along with all assets related to the Azegour project, prior to its acquisition by Sama Resources.
The agreement also includes granting Sama Resources a license to utilize Aya Gold & Silver’s intellectual property. This license pertains to the geographic area surrounding the project and is intended to provide the acquirer with relevant rights in the course of its operations.
Aya Gold & Silver to Support Sama for Twelve Months
Beyond the transfer of mining assets, Aya Gold & Silver is committed to supporting Sama Resources for a duration of twelve months. This assistance will be rendered in the form of legal, financial, and administrative services to facilitate the transition and management of the project.
Through this operation, Aya Gold & Silver aims to transfer ownership of the Moroccan Azegour project to Sama Resources while becoming a 19.11% shareholder in the latter.
Thus, the agreement opens a new perspective for the mining project, with its management and development now set to be under Sama Resources, pending the completion of the transaction.
