Collerina selling Chile gold play to Seckold's Santana

NORM Seckold-chaired Santana Minerals is buying the Becker gold project in Chile from the Seckold-chaired Collerina Cobalt because it says the market is not supportive of Santana’s Cuitaboca silver project in Mexico.

Collerina selling Chile gold play to Seckold's Santana Collerina selling Chile gold play to Seckold's Santana Collerina selling Chile gold play to Seckold's Santana Collerina selling Chile gold play to Seckold's Santana Collerina selling Chile gold play to Seckold's Santana

Cuitaboca lacks market support for further drilling.

Santana shareholders appeared not to like the deal, sending the explorer's shares down nearly 30% to 1.2c in afternoon trade, while Collerina's shares were up 9% to 12.5c.
 
In order to show "good corporate governance" Seckold has "excused himself from all board deliberations" by Santana over a purchase agreement that sees it set to issue Collerina with 10 million shares, as well as pay A$500,000 cash owned to the vendor.
 
Further payments are due as resource milestones are reached, while to earn an 85% interest in the project payments totalling nearly US$1 million are required to be made to a third party over the next five years.
 
Sydney-based Seckold has multi-decade corporate experience in t...