On October 31, 2017, Jaguar Mining Inc. (TSX: JAG) reported that it has completed the sale of its Gurupi Project to Avanco Resources Limited by transferring the quotas (i.e. equity shares) in MCT Mineração Ltda. that are currently held directly or indirectly by Jaguar, to Avanco, pursuant to the previously-announced accelerated earn-in agreement.
Under the terms of the agreement, and following the satisfactory completion of certain closing conditions, Avanco earned 100% of Jaguar’s equity interest in Gurupi by committing to pay to Jaguar US$9 million in aggregate cash payments.
Jaguar is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil. Avanco is a Brazilian-focused mining exploration and development company, targeting exploration and near-term production from copper and gold projects.
Miller Thomson advised Jaguar in this transaction with a team that included Geoff Clarke and Jonathan Tong (securities) and David Reynolds (commercial lending).