The TSX Venture Exchange has accepted for filing documentation with respect to the non-arm's-length disposition of the company's 50-per-cent interest (the disposition) in the company's indirect subsidiary -- CMH Colombia S.A.S., a company which owns 100 per cent of the Alacran project, to form a joint venture with JCHX Mining Management Co. Ltd. pursuant to framework agreement dated Dec. 8, 2022, between the company, JCHX and other non-arm's-length buyers.

The aggregate consideration of $100-million (U.S.) will be satisfied as follows:

• $26.5-million (U.S.) is payable by cash on closing and $10-million (U.S.) of which was advanced by JCHX as a bridge loan to the company;
• $13.5-million (U.S.) is payable by cash on closing;
• $40-million (U.S.) is payable by cash following the receipt of written notice from CMH confirming the completion of both of (i) the board of directors of the company approving the final report of the current feasibility study, and (ii) the filing of the environmental impact assessment for the project (EIA) with Colombian National Authority of Environmental Licenses (ANLA);
• $20-million (U.S.) in cash if the EIA is approved by the ANLA on or before the second-anniversary date of the closing.

For further details, please refer to the company's news releases dated Dec. 8, 2022, Feb. 9, 2023, and May 8, 2023.