Americas Gold & Silver shares gain after announcing Galena deal

Americas Gold and Silver

09/10/2024 17:10

** Shares of precious metals miner Americas Gold & Silver
 USA.TO  rise nearly 22% to 53 Canadian cents — the highest
level in more than a year
    ** Company enters into agreement with an affiliate of Eric
Sprott to acquire the remaining 40% interest in Galena Complex
in Idaho, U.S. to consolidate a current joint venture
    ** Galena Complex is 60% owned by Americas and a joint
venture with longtime precious-metals investor Sprott was
announced in late 2019 for 40% interest of the property
    ** After the closing of the acquisition, Paul Andre Huet,
who was Sprott's technical representative for the Galena JV,
will be made chairman and CEO of the company
    ** Americas will provide owners of Sprott with monthly
silver deliveries of 18,500 ounces for a period of 36 months
starting in or around January 2026
    ** Upon closing of the deal, owners of Sprott will receive
170 million shares of Americas and $10 million in cash
    ** Including session gains, stock up 60.6% YTD
     

 (Reporting by Bageshri Banerjee)