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Abstract
Pursuant to the terms of a definitive agreement between Starcore and Luismin, Starcore will acquire all of the issued and outstanding shares of Compania Minera Pena de Bernal S.A. de C.V., a subsidiary of Luismin which holds the San Martin Mine and the equipment, materials and other assets used in operating the mine, for US$26 million, payable as to US$24 million in cash, and US$2 million in common shares of Starcore at a price of $0.60 per share. Upon completion of the acquisition, Luismin will nominate 2 persons for election or appointment to the board of directors of Starcore. In order to facilitate the purchase, Starcore has announced that it will complete one or more debt or equity financings for approximately US$27 million.