Under the terms of the agreement, Soma has to issue 1,218,232 common shares to the vendors at a deemed issue price of $0.55 per consideration share, which represents a 2.01% equity ownership in the company.
Four Points is the owner and operator of the El Limón mine located in Colombia’s northwestern Antioquia department.
“Now that Soma will own 100% of Four Points, Soma can integrate operations at El Limón and El Bagre owned by Soma’s other wholly-owned subsidiary, Operadora Mineras, SAS.,” Geoff Hampson, Soma’s executive chairman, said in the media brief. “The two properties and mills are on contiguous properties, and management feels that there is a good chance that the mineralized trend crosses from one property to the other. Fully integrating the two companies, properties, and their management will allow Soma to attain efficiencies and synergies from operating in Colombia, as one wholly-owned subsidiary.”