This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Infinito Gold Ltd. Announces Regulatory Approval Regarding The Sale Of Certain Mine Processing Equipment And TSXV Tier Reclassification

Trading Symbol: TSXV: IG

CALGARY, Feb. 20, 2013 /CNW/ - Infinito Gold Ltd. ("Infinito Gold" or the "Company") announces that the TSX Venture Exchange ("TSXV") has accepted for filing the asset purchase agreement (the "Agreement"), which was previously announced by the Company on January 28, 2013.

Under the terms of the Agreement, Zandor Capital S.A. Colombia, (the "Purchaser"), will acquire from the Company's wholly-owned indirect subsidiary in Costa Rica, Industrias Infinito S.A. ("IISA"), certain mine processing equipment ("Equipment") located in Nicaragua for cash consideration of USD $4,303,000 (the "Purchase Price"). The Purchaser is an arm's length third party and a wholly-owned indirect subsidiary of Gran Colombia Gold Corp.

The Equipment was originally purchased for use at IISA's Crucitas gold project in Costa Rica, but, as previously announced by the Company, a November 2011 ruling by the Tribunal Contencioso Administrativo (administrative court) in Costa Rica rescinded IISA's concession rights and environmental approvals. As a result, the Company has been unable to utilize the Equipment, and the sale of the Equipment will fund the Company's working capital requirements while it is reviewing its legal rights regarding Crucitas and strategic alternatives going forward.

Under the terms of the Agreement, which includes customary representations and warranties by the Company and the Purchaser, the Purchase Price is payable in two equal installments, with the first installment due on or before TSXV acceptance of the transaction, which such payment is expected to be received by the Company now that such TSXV acceptance has been received, with the balance of the Purchase Price due on or before the earlier of the date that is 90 days after such acceptance or the date by which the majority of the equipment, by monetary value, is removed from its current storage site. The Equipment is being sold on an "as is, where is" basis with the Purchaser assuming all costs and associated risks pertaining to the relocation of the Equipment.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs