Samco Gold (TSXV:SGA), a Toronto-based company, announced on Friday that it has entered into an agreement with Ricardo Auriemma, a director of the company, under which Samco may acquire the right to participate in benefits arising from an Argentinian court judgment relating to the breach of an agreement between Auriemma and Northern Orion Resources.
As quoted in the press release:
“We are delighted to have secured this unique and exciting opportunity,” said Charles Koppel, Samco Gold’s executive chairman and CEO. “At a time when mining companies are finding it difficult to raise finance for exploration, this transaction is expected to provide the Company with a substantial capital injection, with potential for a future revenue stream. This would allow us to accelerate the development of our very exciting portfolio, notably our two core projects at El Dorado Monserrat and Corina. The Board is especially pleased to have achieved this without any equity dilution to our shareholders, particularly relevant given the difficult investment environment currently facing the industry.”