Arian Silver Corporation (“Arian” or the “Company”) announces further to its announcement on 27 November 2015 of the execution of a settlement deed (“Settlement Deed”) with Quintana AGQ Holding Co. LLC and its affiliates (together, “Quintana”), Quintana has now confirmed that Arian’s transitional obligations have been satisfied in accordance with the Settlement Deed.
Quintana had previously paid US$650,000 to Arian in accordance with the terms of the Settlement Deed and will now, upon satisfaction of Arian’s obligations under the Settlement Deed, pay a further US$50,000 plus expenses, to Arian. Consequently, Arian has no borrowings on its balance sheet and currently has positive net working capital of US$238,000.
Quintana has now released Arian from its obligations under its previous senior secured loan arrangement as well as the Base Metals Purchase Agreement and Investment Agreement each dated 14 October 2014.
Arian retains the San Celso, Calicanto and Los Campos projects along with all other mining concessions held at the time when the Company became public on the AIM and TSXV in 2006, such remaining concessions all comprising more than 1,600 hectares.
Jim Williams, Chief Executive Officer of Arian commented: “we remain focussed on a return to growth with the raising of funds, acquisition of additional mining concessions, and continuing of exploration activity.”
For further information please contact:
Arian Silver Corporation
Jim Williams, CEO
David Taylor, Company Secretary
Cantor Fitzgerald Europe
Stewart Dickson / David Porter / Patrick Pittaway
(London) +44 (0)20 7894 7000
Yellow Jersey PR Limited
(London) +44 (0)7768 537 739
Beaufort Securities Limited
(London) +44 (0)20 7382 8300
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are deemed forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on the Company.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.