- Denarius added its third project (the Lomero Project)
- The company completed a reverse take over transaction (RTO) to create a new junior exploration company focused on advancing the Guia Antigua and Zancudo Projects
- Denarius completed a non-brokered private placement financing for aggregate gross cash proceeds of approximately C$33.8 million
- Denarius commenced trading on the TSXV under the symbol DSLV on March 8, 2021 and currently has 204.9 million common shares issued and outstanding
- Denarius reported a net loss of $14.4 million, or $0.35 per share, for the first quarter of 2021. This included the $12.9 million one-time charge related to the RTO Transaction
- Denarius is a Canadian-based company engaged in the acquisition, exploration, development and operation of mining projects
- Denarius Silver Corp. (DSLV) opened trading at C$0.52 per share
Denarius Silver (DSLV) has filed its unaudited financial statements and MD&A for the three months ended March 31, 2021.
Serafino Iacono, Interim Chief Executive Officer of Denarius, commented,
“We are excited about the prospects for value creation in Denarius with our focus on advancing mining projects in high-grade districts, including the recently acquired Lomero polymetallic project in Spain and the Guia Antigua and Zancudo silver-gold projects in Colombia. We have assembled a portfolio of assets located in close proximity to productive operations with robust infrastructure in place to help quickly advance these projects.
Our effort in the first quarter of 2021 centered on the formation of Denarius through the RTO Transaction and raising the capital required for the exploration programs we are imminently launching at the Lomero and Guia Antigua Projects, full details of which we will be announcing shortly.
Our early-stage work will include an update of the historic inferred resource estimate for the Lomero Project. With forecasted growth in the demand for copper, the Lomero Project positions the Company well to participate in the evolving green metals market.”
First Quarter 2021 Highlights
- Denarius, 1255269 B.C. Ltd. and Gran Colombia Gold Titiribi Corp., a wholly-owned subsidiary of Gran Colombia Gold Corp. (TSX: GCM), successfully completed a reverse take over transaction to create a new junior exploration company focused on advancing the Guia Antigua and Zancudo Projects in Colombia.
- Denarius added its third project (the Lomero Project) with the acquisition of a 100% interest in the Investigation Permit Nº 14,977 covering the areas occupied by the former Lomero-Poyatos Concessions and the mine within them in southern Spain.
- In preparation for the planned exploration program to be undertaken over the next two years at the Lomero Project, Denarius completed a non-brokered private placement financing for aggregate gross cash proceeds of approximately C$33.8 million.
- Denarius commenced trading on the TSXV under the symbol DSLV on March 8 and currently has 204.9 million common shares issued and outstanding. The company has a strong shareholder base with approximately 27% owned by Gran Colombia Gold and 19% owned by King Street Capital.
- Denarius reported a net loss of $14.4 million, or $0.35 per share, for the first quarter of 2021 compared with a net loss of $Nil in the first quarter of 2020. The largest item affecting the net loss in the first quarter of 2021 was the $12.9 million one-time charge related to the RTO Transaction.
- After completing the Lomero Project acquisition and other expenditures, Denarius has a cash position of approximately $22 million to fund its exploration programs and corporate expenditures.
Denarius is a Canadian-based company engaged in the acquisition, exploration, development and operation of mining projects in high-grade districts, including the Lomero Project in Spain and the Guia Antigua Project in Colombia.
The company also owns the Zancudo Project in Colombia which is currently being explored by IAMGOLD Corp. pursuant to an option agreement for the exploration and potential purchase of an interest in the project.
Denarius Silver Corp. (DSLV) opened trading at C$0.52 per share.