MAGELLAN GOLD CORPORATION (OTCMKTS:MAGE) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01ENTRY INTO MATERIAL DEFINITIVE AGREEMENTS
Interim Milling Agreement
Magellan Gold Corporation (the “Company”)(OTC.QB: MAGE) and Rose Petroleum plc (AIM: ROSE) entered into a stock purchase agreement (“SPA”) to which the Company will acquire 50% interest in Rose'smineral processingmill operation in San Dieguito de Arriba, Nayarit State, Mexicoand its associated assets, licenses and agreements(together, the "SDA Mill"). The SPA transaction was previously reported on the Company’s Current Report on Form 8-K dated September 9, 2017 and filed with the Securities and Exchange Commission on September 12, 2017.
On November 7, 2017 the Company and Rose executed an Interim Milling Agreement (the “Agreement”), with an effective date of November 1, 2017, whereby, pending closing of the SPA transaction, Rose shall cause its subsidiary, Minerales Vane S.A. de C.V., a Mexico corporation (“Vane”), to reopen the SDA Mill and recommence operations. The Company provided working capital funding in the amount of $50,000 and will provide additional working capital if required, and is entitled to receive all positive cash flow generated under the Agreement pending closing of the SPA. All operations of the SDA Mill under this Agreement shall be under the sole control and supervision of Rose and Vane, subject to a budget agreed upon by Rose and the Company. A copy of the Agreement is filed herewith as Exhibit 10.1.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
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10.1 |
Interim Milling Agreement |
MAGELLAN GOLD Corp ExhibitEX-10.1 2 magellan_10ez1.htm INTERIM MILLING AGREEMENT INTERIM MILLING AGREEMENT THIS INTERIM MILLING AGREEMENT ("Agreement") is entered into on this 1st day of November,…To view the full exhibit click here