Asia Broadband Completes Sale Of Bonanza Gold Mine for $14.8 Million Cash and $10.2 Million Earn-Out Payment
LAS VEGAS, May 07, 2025 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has completed the sale of its 100% wholly-owned mineral property the Bonanza Gold mine located in Acaponeta, Nayarit, Mexico. The property assets were sold to Industrias Friesen S.A. DE C.V. for $14.8 million cash, a $10.2 Million Earn-Out Payment and an on-going production royalty.
The consideration payable to the Company is comprised of:
- $14,800,000 cash at closing.
- $10,200,000 Earn-Out payment.
- $2,000,000 promissory note maturing prior to the first year of transaction closing.
- On-going Royalty for the entire Bonanza mineral concession of 2% net smelter returns (NSR).
The proceeds from the property sale further strengthens the Company’s financial position and allows AABB to focus primarily on high-grade mineral asset investments in the surrounding area of the Company’s recently inaugurated processing plant in Etzatlan, Jalisco.
“The sale of Bonanza is an advantageous transaction for AABB financially and operationally. It’s a win-win for the Company to channel the considerable capital from the sale into the expansion of our property assets and facilities that are in closer proximity to our new plant. The added feasibility and efficiency of going in this direction speaks to our operating philosophy of optimal capital utilization where we have a synergy of resources available,” stated Chris Torres, AABB President and CEO.
AABB continues to implement its mining property portfolio strategy to optimize development capital utilization. By focusing operations in specific regions of Mexico, AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company’s previous gold production success.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production of precious metals and the accumulation of physical gold holdings. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate the expansion of precious metals property holdings and production in Mexico. The Company's industry and business integration in Mexico and its asset diversification are unique strengths of AABB that differentiate it from other companies and creates distinctive value for shareholders. Additionally, the Company has a digital assets business segment with its AABBG mine-to-token gold-backed cryptocurrency within its own proprietary AABB Wallet and the unique Golden Baboons Mining Club and Shorts Rascal Club Non-Fungible Token (NFT) collections. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies and digital asset developers.
Contact the Company at:
| General Email: | |
| Token Support: | |
| Company Websites: | |
| Phone: | 702-866-9054 |
Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.
