Solvista Gold Corporation (TSXV:SVV) and Tolima Gold Inc. (TSXV:TOM) announced the signing of a definitive agreement between the two companies, to consolidate part of their Middle Cauca Gold Belt of Columbia properties.
As quoted in the press release:
Under the Agreement, Solvista will acquire a 50% ownership interest in five Tolima properties in the Caramanta district (H6455005, HHVN-07 (6418), H6455B005, DI5-151 and H6170005) with an aggregate surface area of 2,365 hectares, and Tolima will acquire two Solvista properties in the same district (FGS-14002X and JIT-08301) with an aggregate surface area of 2,064 hectares, and also receive three million common shares in the capital of Solvista (“Common Shares”) over a two year period: 1.8 million Common Shares at closing and 600,000 Common Shares on each of the first and the second anniversary of closing.
Miller O´Prey, President and CEO of Solvista commented:
We are very happy to have completed this strategic agreement and have Tolima as a shareholder in our company. We look forward to advancing exploration on the Tolima properties over the next twelve months and defining new drill targets to add to those already defined on the neighboring Solvista properties.
Jaime Lopez, CEO of Tolima, commented:
We are very pleased to have entered into a definitive agreement with Solvista. We are positive it will work in favor for both companies as we continue our consolidation in our target areas.