GSilver Arranges Early Payment of US$2.5M Note to Endeavour Silver

VANCOUVER, BC / ACCESSWIRE / November 16, 2021 / Guanajuato Silver Company Ltd. (the “Company” or “GSilver“) (TSXV:GSVR)(OTCQX:GSVRF) announces that it has arranged for early payment of the US$2.5 million promissory note issued to Endeavour Silver Corp. (“Endeavour“) in connection with the Company’s acquisition of the El Cubo mine and mill complex due April 9, 2022. In consideration for the early payment, Endeavour has agreed to reduce the principal amount of the note by US$25,000 and settle the Mexican value added tax payable on the purchase price for El Cubo represented by the note (the “VAT“) for common shares of the Company (the “VAT Settlement“). Subject to acceptance of the TSX Venture Exchange (the “TSXV“), the Company will issue a total of 901,224 common shares (the “VAT Shares“) to Endeavour at a deemed price of C$0.55 per share to settle VAT totalling US$396,000 (C$495,573 based on the Bank of Canada indicative exchange of C$1.2517 = US$1.00 on November 15, 2021). The VAT Shares will be subject to a hold period of four months and one day from the date of issuance.

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