Butte Acquires El Quevar Silver Project in Vancouver

On September 27, 2024, Butte Energy Inc. announced a definitive agreement to acquire a 100% interest in the El Quevar silver project located in Argentina. The acquisition will be executed through the purchase of all issued and outstanding shares of Silex Argentina S.A. for a total cash consideration of USD $3,500,000. This move follows a previous news release on September 3, 2024, and is part of the company's strategic expansion in the mining sector. To facilitate this acquisition, Butte Energy completed a concurrent non-brokered private placement, raising gross proceeds of $15,270,230. However, the completion of the transaction is contingent upon various conditions, including obtaining necessary corporate, regulatory, and third-party consents, as well as approval from the TSX Venture Exchange. The company has acknowledged the inherent risks associated with such transactions, including the possibility that the acquisition may not proceed as planned or that the exploration and development of the El Quevar project may not yield commercially viable results. Furthermore, Butte Energy intends to file a compliant resource estimate prior to or alongside the transaction's closing, which will provide further insights into the project's potential value and viability.