Company Announces Final Terms of US Grant Sale and Exchange Approval Transatlantic Mining Corp. (the “
Transatlantic Mining Corp. | Suite 400 | 837 West Hastings Street | Vancouver | Canada V6E 3T5
T 604-424 8257 | F 604-357 1139| www.transatlanticminingcorp.com
PRESS RELEASE
August 27, 2021
Company Announces Final Terms of US Grant Sale and Exchange Approval
Transatlantic Mining Corp. (the “Company”) (TCO:TSX.V) provides the following update with respect
to the sale of its US Grant and Kearsarge properties to Endomines Idaho, LLC, a subsidiary of Endomines
AB (“Endomines”) (Nasdaq Stockholm: ENDO and Nasdaq Helsinki: ENDOM), as originally announced
April 21, 2020.
Completion of the sale has been challenging for both parties as a result o f the intervening COVID -19
pandemic, resulting challenges faced by Endomines in raising financing, and changes in management at
Endomines. These challenges have resulted in various extensions granted by the Company to make required
payments, and difficulties in procuring supporting documentation. The sale of these properties has been
considered critical to the Company in order to receive significant value for a project that would otherwise
have been unsustainable, and so the Company has been supportive of the purchaser throughout the process
to receive and document full payment. The Company is pleased to announce that final agreement has been
reached and documented with respect to payment of the full consideration originally negotiated by the
Company.
Pursuant to the original asset purchase agreement dated April 1, 2020 and addendums dated May 31 and
July 15, 2020, and June 10, 2021, the final terms of the sale are as follows.
● Endomines has paid a total of US$1,050,000 to maintain the properties in good standing with the
original vendors/lessors. These are payments that became due during the period from initial
negotiation of the transaction to final closing , and may have resulted in the properties being in
default had the payments not been made . Endomines has also made various other payments in
respect of taxes, insurance, property management, etc. necessary to maintain the property in good
standing.
● Endomines has issued to the Company 15,392,535 common shares of Endomines, which equated
to a value of approximately CA$10.6 million based on the VWAP at the time of issue. The
majority of these shares were issued with a six-month hold period which has now expired.
● Endomines has paid to the Company a total of US$1,390,299 in cash, as part of a US$2,000,000
payment that was originally due May 31, 2020, and was later extended to July 31, 2020, and again
to December 1, 2020. The balance of US$609,701 is the subject of a promissory note (the “Note”)
that requires payment in fourteen monthly instalments from July 1, 2021 to August 1, 2022. The
unpaid balance from time to time carries interest at the rate of 4% , and is secured against the
purchased properties. Endomines is current with its payments under the Note.
● Endomines is required to pay to the Company the sum of US$2,000,000 30 days following the
first production of gold from the purchased properties, or September 24, 2022, whichever is
earlier. Payment of this amount is also secured by the Note.
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The Company has also reserved the first right to toll treat its own products through any processing facility
located on the purchased assets, subject to available capacity.
The Company has now filed all documentation relative to the original transaction , as amended, with the
TSX Venture Exchange and has received Exchange approval.
About Transatlantic Mining Corp.
Transatlantic Mining ( TSX-V: TCO) is an emerging precious and base metal explorer. The Company ’s
focus is on converting projects into mines within stable mining jurisdictions. The Company holds an 80%
joint venture interest in the Monitor Copper -Gold project in Montana -Idaho (USA) , and a lease to
purchase agreement for a 100% interest in th e Miller Gold Mine , also in Montana. The Company has
recently added a 75% ownership interest in the Golden Jubilee Gold Mine project to the district base for
further development.
For further information please contact: Bernie Sostak +61 (0) 439 904 044
Email :[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release