Aura Minerals Inc., the mining company incorporated in the British Virgin Islands, and Para Resources Inc. entered into a binding term sheet together with PPG Arizona Holdings LP, an affiliate of Pandion Mine Finance, LP. Pursuant the terms of the agreement, the BVI company will purchase from Para all of the issued and outstanding shares of its wholly-owned subsidiary Z79 Gold (USA) Corp., for nominal cash consideration and the assumption of liabilities from Para to PPG of approximately US$35mln, under the restructured pre-paid forward gold purchase agreement dated August 3, 2018. The closing of the Transactions is expected to occur on or about March 13, 2020.
Z79 is the owner of 94% interest in Gold Road Mining Corp., which owns the Gold Road Mine in Arizona, also the company owns 94% interest in TR-UE Vein Exploration, Inc., which owns different options to acquire parcels of land adjacent to the Gold Road Project.
President and CEO of the BVI company Mr. Rodrigo Barbosa said today: “We believe that Gold Road has a good strategic fit with Aura’s portfolio. With our technical and managerial expertise we should be able to help Gold Road unlock value and grow.”
