JOHANNESBURG (miningweekly.com) – ASX- and TSX-listed Chalice Gold has completed the sale of its Cameron project, in Ontario, to TSX-V-listed First Mining for 32.26-million shares, following shareholder approval this week.
The deal, which was announced in May, gave Chalice an 8.1% stake in First Mining.
Chalice MD Tim Goyder said on Friday that, following the completion of the sale, Chalice had cash and investments of A$62-million, which provided a “tremendous platform from which to grow and take advantage of new opportunities”.
First Mining has granted Chalice a net smelter return (NSR) royalty of 1% on certain mining claims in the Cameron project, which were not encumbered by pre-existing royalties. Frist Mining retained the right to purchase 0.5% of the NSR royalty for C$1-million.