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Mount Hamilton Project

Sale of Mt Hamilton

Location Map
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On August 25, 2015 Ely Gold and Solitario closed the previously announced agreement to sell their combined interests in the Mt. Hamilton gold project to Waterton Nevada Splitter, LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP for total cash proceeds of US$30 million. The Transaction was structured as the sale of the Sellers' membership interests in Mt. Hamilton LLC, a limited liability company that held 100% of the Mt. Hamilton assets. Shareholders of Solitario and Ely Gold unanimously approved the sale. Solitario received gross proceeds of $24 million for its 80% interest in MH-LLC, and DHI Minerals (U.S.) Ltd., Ely Gold's wholly-owned U.S. subsidiary, received gross proceeds of $6 million for its 20% interest in MH-LLC.

Subsequent to the closing of the Mt Hamilton sale, on August 27, 2015, Ely Gold and Solitario closed a separate Consent Agreement pursuant to which Solitario returned 15,732,274 Ely Gold common shares. The Company has subsequently returned those shares to their treasury reducing their issued and outstanding amount to 64,580,474 common shares.


Letter Agreement

Membership Interest Purchase Agreement

Solitario Consent Waiver