Starcore Advances Funds to Cortez Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 17, 2015) - Starcore International Mines Ltd. (the "Company") (TSX:SAM) has arranged a loan facility for Cortez Gold Corp. ("Cortez") to enable Cortez to purchase the equipment required for Cortez to commence operations at its Altiplano gold and silver processing plant in Matehuala, Mexico (the "Altiplano Plant").
The loan facility in the amount of Cdn$250,000 (the "Loan") bears interest at 10% and is secured with a floating charge security on the Altiplano Plant and all of the assets of Cortez, subordinated only to the existing first priority security interest and mortgage currently held by other Cortez lenders.
The loan facility and all interest due will only be payable should the shareholders of Cortez not approve the proposed amalgamation of Starcore and Cortez, whereby Starcore would acquire all of the outstanding shares of Cortez in an all-share transaction to be completed pursuant to a court approved Plan of Arrangement under the Business Corporations Act (British Columbia). Should the Cortez shareholders disapprove the transaction at their shareholders meeting on July 9, 2015 (the "Meeting Date"), the Loan and all interest due shall be payable on demand by Starcore at any time after the Meeting Date.
About Starcore
Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico. The Company is a public reporting issuer on the Toronto Stock Exchange. The Company is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. The Company has interests in properties which are exclusively located in North America.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Robert Eadie, President & Chief Executive Officer
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Contact
Starcore International Mines Ltd.
Robert Eadie
(416) 640-1936
Starcore International Mines Ltd.
Evan Eadie
Investor Relations
(416) 640-1936
Toll Free: 1-866-602-4935
www.starcore.com
