Kootenay Silver consolidates 2.5% NSR on Northair’s La Cigarra project, Mexico
TORONTO (miningweekly.com) – Canadian explorer Kootenay Silver has acquired a 2.5% net smelter return royalty (NSR) on Northair Silver’s La Cigarra project, in Chihuahua state, Mexico.
Under terms of the agreement, Kootenay would buy the NSR for $250 000 in cash upon closing the deal, followed by a second cash payment of $250 000 by April 19. Kootenay will also issue to Coeur on the closing date about $2-million in shares at C$0.275 apiece.
Coeur had also agreed to vote all of the shares that it held (13.55%) in Northair in support of the acquisition arrangement between Kootenay Silver and Northair, positioning Kootenay as a dominant land-holder in the country.
The combined company’s portfolio of projects will comprise its Promontorio and La Negra projects, as well as Northair's La Cigarra project, with exposure to a series of grassroots pipeline exploration projects, royalty interests and joint ventures, as well as a strong balance sheet, providing the combined company with a stable platform for future consolidation in the sector.
Under terms of the agreement, Northair shareholders would receive 0.35 of a Kootenay common share, as well as 0.15 of a warrant to buy a Kootenay share at a strike price of $0.55 each, for a period of five years from closing.
Upon closing the deal, Northair would become a wholly owned subsidiary of Kootenay and former shareholders of Northair would hold about 40% of Kootenay shares on an outstanding shares basis.
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