Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) announces that it is completing all option payments to Allegiant Gold Ltd. (TSXV: AUAU) for the Mogollon Project near Silver City, New Mexico to earn 100% ownership of the Project.
Mogollon Project Payment
In connection with the option and joint venture agreement dated August 21, 2020, between the Company and Allegiant regarding the Project (the “Option Agreement”), the Company intends to issue 8,912,884 common shares (the “Consideration Shares”) at a deemed price of $0.4579 per Consideration Share to Allegiant pursuant to the Option Agreement. Upon issuance of the Consideration Shares, the Company will have satisfied the requirements to exercise the phase two option pursuant to the Option Agreement and acquire 100% ownership of the Project. The Company expects to issue the Consideration Shares in the coming days. The Consideration Shares will have a statutory hold period of four months and one day from the date of issuance.
About Summa Silver Corp
Summa Silver Corp. is a junior mineral exploration company. The Company owns a 100% interest in the Hughes project located in central Nevada and, upon issuance of the Consideration Shares, will own a 100% interest in the Mogollon project located in southwestern New Mexico. The high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes project. The Mogollon project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company’s involvement.
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