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January 13, 2017

Great Panther Silver Limited acquires coricancha mining complex

Miranda & Amado has advised Great Panther Silver Limited, a mining company based in Canada, in the acquisition of 100% of the shares – subject to the compliance of the closing conditions – in Nyrstar Coricancha S.A., a subsidiary of Nyrstar International B.V. and owner of the Coricancha Mining Complex (a polymetallic mine). Great Panther Silver Limited performed, according to the terms of an option agreement, exploration and evaluation activities in the Coricancha Mining Complex during 2015 and 2016, and had announced that the project has the potential for annual production of approximately 3 million silver equivalent ounces.

The following lawyers of Miranda & Amado worked on the transaction: Partner Guillermo Bracamonte and associates David Baracco, Adriana Bendezu, Luis Miguel Sanchez and Eric Castro.

 

Parties involved

 

  • Nyrstar Coricancha S.A.
  • Nyrstar International B.V.
  • Nyrstar Netherlands (Holdings) B.V.
  • Great Panther Silver Peru S.A.C.
  • Great Panther Silver Limited

 

 

Deal Value

 

Under the terms of the Share Purchase Agreement, the purchase price for the transfer of the shares of Nyrstar Coricancha S.A. in favor of Great Panther Silver Peru S.A.C. comprised (i) US$ 0.1 million to be paid on closing, (ii) an amount equal to the cash remaining in Nyrstar at closing, and (iii) earn-out consideration of up to US$10 million.

 

 

 

Description / Summary

 

Nyrstar Coricancha S.A. (“Nyrstar”), Nyrstar International B.V. (“Nyrstar International”), Nyrstar Netherlands (Holdings) B.V. (“Nyrstar Netherlands”), Great Panther Silver Peru S.A.C. “(GP Peru”) and Great Panther Silver Limited (“Great Panther”) executed the Share Purchase Agreement (“SPA”) dated December 19, 2016. By virtue of the SPA and subject to the compliance of the closing conditions, Nyrstar International and Nyrstar Netherlands will transfer the total shares (100%) in Nyrstar in favor of GP Peru.

 

The SPA follows on the Option Agreement entered into between the parties on May 18, 2015. Great Panther performed exploration and evaluation activities in the Coricancha Mine Complex during 2015 and 2016. Great Panther announced that the project has the potential for annual production of approximately 3 million silver equivalent ounces.

 

Nyrstar is the wholly owner of the Coricancha Mine Complex, a polymetallic mine (gold, silver, lead, zinc, copper, among other minerals) and mill complex located in the central Andes of Peru.

 

 

 

 

Date

 

12/19/2016 (Signing date)

 

 

Jurisdictions involved

 

Peru and Canada.

 

 

Lawyers of Miranda & Amado Abogados

 

Partner Guillermo Bracamonte and associates David Baracco, Adriana Bendezu, Luis Miguel Sanchez and Eric Castro.

 

 

Counsel list

 

Counsel to Great Panther Silver Limited

 

Miranda & Amado Abogados (Peru): Partner Guillermo Bracamonte and associates David Baracco, Adriana Bendezu, Luis Miguel Sanchez and Eric Castro.

Email: gbracamonte@mafirma.com.pe

 

McMillan (Canada): Partners Michael Taylor and Tom Theodorakis.

Email: Michael.Taylor@mcmillan.ca

 

Counsel to Nyrstar International B.V. and Nyrstar Netherlands (Holdings) B.V.

 

Adrian Beerworth, Edgardo Portaro, in-house lawyers

 

Estudio Osterling, Partner Cristina Chang