AMERICAN FORK - Clifton Mining Company (OTCBB: CFTN) (Clifton) - "Royalty Buyout and Notice of Distribution"
15 Mar, 2019, 07:00 ET
AMERICAN FORK, UT, March 15, 2019 /PRNewswire/ - Royalty Buyout - Clifton Mining Company has finalized a second amended and restated agreement with Desert Hawk Gold Corp. ("Amended Agreement"). This Amended Agreement includes several changes with the most significant being that Desert Hawk purchase from Clifton its five percent (5%) net smelter return royalty for $3 million in cash and 5.5 million shares of Desert Hawk Gold Corp. stock, with a current estimated value of $0.40 per share, making the estimated value of the exchange $5.2 million. We believe that as Desert Hawk increases production, the Desert Hawk shares will provide a far greater return than the net smelter return royalty. The Amended Agreement also includes the release of additional properties back to Clifton. Desert Hawk Gold Corp. has also received necessary funding to increase its production capacity and enlarge and expand its mining operations. We believe the Amended Agreement provides significant benefits to both Clifton and Desert Hawk shareholders.
Notice of Distribution - American Silver, LLC, parent company to American Biotech Labs, LLC "ABL" has declared a $0.17 per share distribution, providing approximately $259,000 to Clifton Mining Company, its largest single shareholder. American Silver is continuing to develop more products and markets using its patented silver Nano-particle anti-pathogenic products. For more information please see www.silverbiotics.com.
Please see the Company's website www.cliftonmining.com for additional Company information. Clifton trades on the U.S. OTC: (CFTN).
Note: Any statements released by Clifton Mining Company that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward looking statements invoke risk and uncertainties that may affect the company's business prospects and performance.
SOURCE Clifton Mining Company
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