Bear Creek announces payment extension on Corani silver deposit 100% acquisition; renegotiation of payment schedule strengthens Bear Creek’s financial position
Under the Amendment Agreement, Rio Tinto has agreed to restructure the final two cash payments of
- US$5 million due December 31st , 2009 - US$10 million due December 31st , 2010 - US$10 million due September 30th, 2011 - US$15 million due June 30, 2012.
Bear Creek has agreed to make the following additional payments (payable in cash or in shares (issuable at a 15% discount from then current market prices) at the option of Bear Creek) in consideration for the restructuring:
- US$1.1 million upon signing of the amended agreement or as soon thereafter as stock exchange acceptance is received; and - US$1.1 million due on January 10, 2011.
The issuance of any such shares is subject to acceptance of the TSX Venture Exchange and shares issued will be subject to applicable statutory hold periods. Subject to stock exchange acceptance, Bear Creek intends to make the first
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Regulatory footnotes:
Certain disclosure in this release, including management’s assessment of Bear Creek’s plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bear Creek’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. *Any reference to the potential quantity & grade of mineralization at Corani is conceptual in nature, there has been insufficient exploration to define a mineral resource on the property and it is uncertain if further exploration will result in discovery of a mineral resource on the property. Readers are cautioned not to place undue reliance on forward-looking statements. Bear Creek expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Note: Bear Creek will likely need to obtain further financing prior to year-end ’08 to be able to pay the balance of the purchase price in cash.
SOURCE Bear Creek Mining Corporation