By: Creamer Media Reporter
ASX-listed Doray Minerals has reached an agreement with Sandstorm Gold to terminate the metals purchase agreement over the Deflector gold project, which MD Allan Kelly said on Wednesday would simplify the financing process for the Western Australian project.
Sandstorm previously loaned $6-million to Mutiny Gold, which had the option to repay the loan, plus interest, by April 16, 2015, or to convert the loan to a metals purchase agreement where it would sell 2.6% of gold production from Deflector to Sandstorm at $500/oz for the life of mine. The loan repayment date was extended to October 16, 2015, as part of Doray’s October 2014 takeover offer for Mutiny. →