Pursuant to the Agreement, Santacruz will pay USD 20 million in initial cash consideration and an additional USD 90 million in equal installments over four years from the closing of the Agreement, subject to certain conditions and adjustments. In addition, Glencore will also be granted a 1.5% net smelter returns royalty on the Assets.

Appleby’s role included: reviewing and assisting with the negotiation of the share purchase agreement and related documents; conducting due diligence on the three Bermuda companies being acquired and providing detailed reporting to Santa Cruz; advising in respect of Bermuda regulatory matters; assisting with progressing the matter to closing and reviewing and coordinating closing documents and matters.

Partner Matthew Ebbs-Brewer led the transaction with support from Associates Riley O’Brien and Ashley Bento.

Santacruz is a Mexican focused silver company with one producing silver project (Zimapan) and two exploration properties, the La Pechuga property and Santa Gorgonia prospect. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

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