TORONTO (miningweekly.com) – TSX-V-listed junior Royalty North Partners' stocks surged on Friday after the company late Thursday announced the appointment of royalty streaming firm Sandstorm Gold president and CEO Nolan Watson as chairperson of the board.
The stock rose by 50% on Friday as Watson, who had helped to develop the royalty financing business model for over a decade, was added to the board. He had been credited with raising more than $1.5-billion in capital to deploy into many royalty transactions, the company advised.
Royalty North, formerly known as Bluefire Mining, focused on providing royalty financing to private businesses operating outside of the natural resource and commodity sectors.
Sandstorm provided financing for precious metal mining companies in the form of a 'gold streaming' transaction whereby an upfront cash payment is exchanged for a percentage of gold production from the mine.
On Friday, the company’s stock climbed C$0.10 to C$0.30 apiece.