Florida Canyon sells Mexican mines to Heliostar
Canada-based junior producer Florida Canyon on Wednesday announced a binding agreement to sell its Mexican business unit to Heliostar Metals.
The assets include Florida’s interests in the San Agustin mine, the El Castilo mine, La Colorada mine, Cerro del Gallo project and San Antonio project.
At closing, Heliostar will pay Florida Canyon $5-million. The seller is also entitled to cash generated by the Mexican assets before July 11 and to $5-million generated from operating cash flow after July 16, subject to $2-million in net working capital being left in the unit on closing.
Florida Canyon said the transaction was an important step in positioning the company to explore alternatives to maximise shareholder value in connection with its namesake mine, which would be the organisation’s primary asset.
The transaction is expected to close in the third quarter of 2024 and is subject to certain closing conditions.
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