Golden Minerals to sell Yoquivo project to Advance Metals for $570,000 plus VAT

Golden Minerals (AUMN) announced it has signed a binding agreement to sell its Yoquivo gold-silver project to Advance Metals, an ASX-listed entity. Under the terms of the agreement, AVM shall purchase 100% of the Yoquivo Project from Minera de Cordilleras, a wholly-owned subsidiary of Golden Minerals, for total consideration of $570,000, payable in cash, plus value added tax, or VAT, as follows: a non-refundable cash payment of $20,000, plus VAT, for AVM to have the right to carry out due diligence for a seven-day exclusive period, beginning on October 24. On November 1, AVM shall make a $275,000 cash payment, plus VAT, to Golden. On November 21, AVM shall make a final $275,000 cash payment, plus VAT, to Golden. Closing of the transaction will be subject to additional conditions, including receipt of regulatory approvals and completion of due diligence review by AVM. In the event that AVM decides not to complete the transaction, AVM will be subject to a breakup fee of 20% of the purchase price.