03:05:12 EDT Thu 13 Jun 2024
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or Name

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Summa Silver Corp
Symbol SSVR
Shares Issued 104,761,584
Close 2024-03-18 C$ 0.41
Market Cap C$ 42,952,249
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Summa Silver to issue 105,991 shares for lease payment

2024-03-18 19:39 ET - News Release

Mr. Galen McNamara reports


Subject to final approval from the TSX Venture Exchange, Summa Silver Corp. will issue an aggregate of 105,991 common shares pursuant to two previously entered into amended and restated mining lease agreements. The common shares are being issued at a deemed value of 34.48 cents per common share, being the 20-day volume-weighted average price of the company's common shares as traded on the TSX-V. Such payments represent the third of 10 annual payments due pursuant to the amended lease agreements. The amended lease agreements relate to mining claims, which form part of the Mogollon project near Silver City, N.M.

Pursuant to the amended lease agreements, the company has agreed to continue to lease certain mining claims which form part of the Mogollon project for a period of 10 years and renewable in 10-year terms at the company's election. The company must make aggregate cash payments of $99,067 (U.S.) on annual basis for such period under the amended lease agreements. Such annual payments are indexed to the Production Price Index for Industrial Commodities as published by the U.S. Bureau of Labor Statistics. The company may, in its sole discretion, elect to pay an aggregate of $27,018 (U.S.) (indexed to PPI) of the annual amount payable under the lease agreements by issuing common shares at a deemed value equal to the 20-day volume-weighted average price of the company's common shares as traded on the TSX-V, subject to the maximum discounted market price allowed under the policies of the TSX-V.

About Summa Silver Corp.

Summa Silver is a junior mineral exploration company. The company owns a 100-per-cent interest in the Hughes project located in central Nevada and the Mogollon project located in southwestern New Mexico. The high-grade past-producing Belmont mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes project. The Mogollon project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased, and neither have seen modern exploration prior to the company's involvement.

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