Sierra Madre Gold and Silver Ltd (OTCMKTS:SMDRF) dropped 6% after announcing the final payment to purchase 100% of the Tepic Silver/Gold Project in Nayarit, Mexico. Currently, the company is in the process of transferring its licenses into its wholly-owned subsidiary, PITA Exploration S. DE.
Market Reaction
On Friday, SMDRF stock moved down 5.42% to $0.4351 with more than 5.9K shares, compared to its average volume of 18.79K shares. The stock moved within a range of $0.4351 – 0.4500 after opening trade at $0.45.
Sierra Madre Makes Final Payment for Tepic Project, Nararit, Mexico
The company also announced that, in accordance with its Share Options Scheme, it had issued share options to some consultants to buy a total of 500,000 of the company’s ordinary shares at $0.74 per share for five years from the issued date. The stock options will mature in thirds: 1/3 immediately upon issuance, 1/3 after six months, and 1/3 twelve months later. The TSX Venture Exchange must approve this stock option award before it may be exercised.
The company is a mineral exploration firm based in Nayarit, Mexico, and it focuses on the purchase, development and exploration of the La Tigra and Tepic properties. Its executive team has a reputable record of generating wealth via project discovery, monetization and progression. So SMDRF is worth watching.
