07:48 AM EDT, 04/12/2024 (MT Newswires) -- Patagonia Gold Corp. ( HGLD ) said Friday that it closed the transaction to reacquire the COSE property from Pan American Silver Corp. ( PAAS ) .

Shares in Patagonia were down 25% to near 52 week lows in Canada yesterday.

Patagonia is reacquiring the COSE property, which PAAS closed in 2022, in exchange for assuming PAAS's liabilities linked to COSE and the closing. Most of the costs are linked to ongoing environmental monitoring.

The deal will allow Patagonia to consolidate its holding in the El Tranquilo concession block, which holds the company's Cap Oeste Project, together with several other prospects and mineral occurrences. The El Tranquilo block is comprised of 26 individual concessions totaling 66,255 hectares.