Great Panther Mining Limited (OTCPK: GPLDK) (“Great Panther” or the “Company”) announces that it has entered into a Share Purchase Agreement (the “Agreement”) with Newrange Gold Corp. (“Newrange”) to sell to Newrange the Company’s subsidiaries, Great Panther Peru Holdings Ltd. and Great Panther Silver Peru S.A.C.(the “Subsidiaries”), which together own Great Panther Coricancha S.A.C., which in turn holds the Coricancha Mine in Peru.
Coricancha, located in the central Andes of Peru approximately 90 kilometres east of Lima, is a past producing mine which the Company acquired in June 2017 and has remained in care and maintenance since then.
Under the terms of the Agreement, Newrange will acquire the Subsidiaries for a total purchase price of US$750,000 (the “Transaction”), payable in cash.
Completion of the Transaction is subject to certain closing conditions including, but not limited to, the approval of the Supreme Court of British Columbia required to be obtained in connection with the Company’s ongoing restructuring proceedings and receipt by Newrange of the approval of the TSX Venture Exchange.
