TORONTO, October 26, 2020 — Kuya Silver Corporation (CSE: KUYA) (“Kuya” or the “Company”) is pleased to announce that it has agreed to acquire a 100% interest in S & L Andes Export SAC (“S&L”), the owner of the Bethania Silver mine property (the “Bethania Property”). The Company has entered into a letter agreement (the “Letter Agreement”) with the current owners of S&L to acquire an additional 20% interest such that it will now acquire a 100% interest in the issued and outstanding securities of S&L. Accordingly, Kuya would acquire full ownership of the flagship Bethania Property.
Pursuant to a share purchase agreement dated October 6, 2017, as amended (the “Share Purchase Agreement”), the Company has to date invested USD$4.3 million towards fulfilling the terms of the Share Purchase Agreement to acquire an 80% interest in S&L, including USD$685,000 paid to the owners. Further, in order to complete the acquisition of the 80% interest in S&L, the Company is required to pay the current owners of S&L an additional cash payment of USD$2,815,000 and issue to them 3,670,000 common shares in the capital of the Company (the “Kuya Shares”).
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