LAS VEGAS, July 31, 2015 /PRNewswire/ -- Calissio Resources Group, Inc. (OTC: CRGP) announced today that the Company has completed the transfer of its 100% interest in the San Pedro Mine ("San Pedro"), triggering a payment to Calissio of USD$7,360,000.
As previously announced, the Company entered in to an agreement on July 24, 2015 with Milagros Del Cobre Mineria S.A. de C.V. ("MMC") whereby Calissio Resources Group, Inc. sold its interest in San Pedro. The total purchase price of USD$14,600,000 was paid by the assumption of debt and in shares of stock of Milagros Del Cobre Mineria S.A. de C.V. and USD$7,360,000 in cash.
"We are pleased to have executed this transaction and plan to utilize this crucial non-dilutive capital to further advance our flagship property, La Jovita Mine," said Adam Carter, President and CEO of Calissio, "This transaction has radically strengthened our capital position and we currently foresee that we will end 2015 with approximately $8 to $9 million in cash. We believe that this provides us with sufficient capital to fund our currently planned operations into 2016."
Additionally, one of the Company's fundamental goals over the next 9 months is to graduate Calissio to a senior U.S. based exchange. The opportunities and benefits of a senior listing are of paramount importance for Calissio to continue its rapid growth strategy.
Calissio Resources Group Inc., focused on the acquisition and development of base metals projects in Mexico that are currently in or near production and advanced exploration properties that will add substantially to the Company's asset foundation. Management is continuing to actively pursue mineral interests that represent significant growth, value and cash flow opportunities.
For additional information, please visit: http://www.calissioresources.com.
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on Calissio Resources Group, Inc.'s current expectations and projections about future events, based on information currently available.
The forward-looking statements found in this press release may also include statements relating to Calissio Resources Group, Inc.'s anticipated financial performance, business prospects, new developments, strategies, and similar matters. Calissio Resources Group, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. Calissio Resources Group, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
Calissio Resources Group, Inc.
SOURCE Calissio Resources Group, Inc.