Mexoro Minerals Ltd Clears S-1 Filing, Completes Start-Up Operations At Cieneguita, And Finalizes Guazapares Sale
BROOMFIELD, Colo., Jan. 26 /PRNewswire/ -- Mexoro Minerals Ltd (OTC Bulletin Board: MXOM) (the "Company") today announced progress in its plans to move the Company forward as an emerging gold producer.
Form S-1 Registration Statement Declared Effective
On December 23, 2009, the Company filed a registration statement on Form S-1 with the United States Securities Exchange Commission ("SEC") registering for resale the shares of common stock issued by the Company in its $2.5 million September 2009 private placement. Management is very pleased to announce that on Tuesday, January 12, 2010, the SEC declared the Form S-1 effective.
As required by the SEC, the Form S-1 includes the Company's business summary; financial summary; risk factors; management description and compensation; any material legal agreements or proceedings; and finally management's discussion and an analysis of financial condition and results of operations. Because of its thorough description of the Company's activities, management encourages investors to read it as well as the subsequent documents the Company files with the SEC. The Form S-1 document can be obtained on the SEC website at www.sec.gov or on the Company's website at www.panamericangoldfields.com .Guazapares Sale Set to Close, Bringing $3.7 Million to the Company On July 8, 2009, the Company signed a definitive agreement to sell its Guazapares Project, located in southwestern Chihuahua, Mexico to Paramount Gold de Mexico, SA de C.V., the Mexican subsidiary of Paramount Gold and Silver Corp. ("Paramount") for a total consideration of up to $5.3 million USD. The payment on closing is $3.7 million. An additional $1.6 million will be paid to the Company if, within 36 months following execution of the agreement, either (i) Paramount Gold de Mexico SA de C.V. is sold by Paramount, either through a stock sale or a sale of substantially all of its assets, or (ii) Paramount's San Miguel project is put into commercial production. As a consequence of the sale, the Company will pay down a significant amount of its debt and strengthen its balance sheet, while fully funding the 2010 drilling program at its three properties from both sale proceeds and production revenues.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV