BUTTE ENERGY INC. (TSXV: BEN.H) (the “Company”) is pleased to announce, further to the Company’s news release dated September 3, 2024, that it has entered into a definitive agreement dated September 27, 2024 (the “Agreement”), to acquire a 100% interest in the El Quevar project (the “Transaction”). The El Quevar project is located in Salta province, Argentina, a renowned mining region and is owned by Silex Argentina S.A., a wholly owned subsidiary of Golden Minerals Company (“Golden”), a publicly listed company. The Company will complete the acquisition through the purchase of 100% of the issued and outstanding shares of Silex Argentina S.A. for total consideration of USD$3,500,000 in cash. In connection with the Transaction, and further to the Company’s news release dated September 20, 2024, the Company has completed a concurrent non-brokered private placement for gross proceeds of $15,270,230. A second deposit of USD$500,000 has been paid to Golden today.
Closing of the Transaction is subject to a number of conditions including receipt of all required corporate, regulatory and third party consents, including TSX Venture Exchange approval, and satisfaction of other customary closing conditions. There can be no assurance that the Transaction will be completed as proposed or at all.
