Inomin Mines completes sale of Mexican subsidiary

Inomin Mines Inc. [TSXV: MINE] has completed the sale of the company’s Mexican subsidiary, Minera Rio Dorado S.A. de C.V. (Subco), which holds a 100% interest in the mining concessions known as the La Gitana and Pena Blanca gold-silver properties in Oaxaca, Mexico.

Under terms of the transaction, the company has sold all of the issued and outstanding shares of Subco to Calu Royalty S.A.P.I. de C.V., an arm’s length party, for an aggregate purchase price of $350,000 in cash consideration.

The company received $100,000 of the purchase price following execution of the definitive purchase agreement and received a second payment of $100,000 on the closing of the transaction. The final $150,000 is payable to the company on the earlier of the date on which the mining concessions are registered to Subco in the Mexico public mining registry and six months following the date of the definitive purchase agreement.