Vancouver, British Columbia (April 6, 2020) – Marifil Mines Limited (TSXV: MFM) (OTC: MFMLF) (“Marifil” or the “Company”) is pleased to announce that it has entered into an agreement (the “Agreement”) to sell its non-core Lithium and Nickel-Copper assets in Argentina to Global Elsimate Capital Corp (“GECC”) (CSE: GECC) for $2,000,000.
“As we watch the world reel from the effects of this terrible global pandemic, we want to ensure we are doing everything in our power to preserve value for our shareholders and be best positioned for the years ahead,” stated Robert Abenante, President and CEO of Marifil Mines.
“Historically, periods of extreme volatility and financial uncertainly result in a flight to safety for investors who want to preserve their capital. This has traditionally led to significant increases in the prices of precious metals, such as Gold. With the sale of our non-core assets in Argentina, we are shifting our focus and directing our resources there towards our majority owned, flagship San Roque property in Rio Negro province where we anticipate enhancing and expanding our precious metals endowed polymetallic mineral deposit discovery by metallurgical recovery testing and expansive drilling. For more information on this asset, please see our last press release dated September 12, 2019, “Marifil’s NI 43-101 Report on San Roque Confirms Positive Results” or refer to our website. The Company will also be looking to acquire more precious metal properties globally, to be well positioned in the coming years.” continued Mr. Abenante.
The Lithium assets in Catamarca province include the Ratones and Fraile claims, which Marifil acquired in 2017, while the Nickel-Copper claims in San Luis province include the Las Águilas owned and optioned claims.
Per the terms of the Agreement, Marifil will be receiving an aggregate of 26,666,667 common shares (the “Consideration Shares”) of GECC at a deemed issue price of $0.075 per share, for total deemed aggregate consideration of $2,000,000. In accordance with securities laws and the terms of the Agreement, the Consideration Shares will be subject to a pooling agreement providing for release in five tranches over 48 months.
“This sale is an arms length transaction and is the first step in the Company’s commitment to focus its portfolio on Gold and other precious metals assets. It is our intention to monetize our non-core assets and focus our efforts on building a strong precious metals portfolio to be best positioned to take advantage of the changing market conditions going forward,” concluded Mr. Abenante.
ON BEHALF OF THE BOARD OF DIRECTORS
Robert Abenante, President & CEO
For further information regarding Marifil Mines Limited, please refer to the Company’s filings available on SEDAR (http://www.sedar.com) or at Marifil’s Website (http://www.marifilmines.com).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the transaction will be completed as proposed or at all.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transaction GECC. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to completion of the transaction and terms of the Transaction. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the risk that the shareholders of GECC, the CSE and the TSXV may not approve the transaction or that the Transaction may not be completed for any other reason. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and Marifil disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.