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Jervois sells royalties to Cobalt 27

7th May 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Jervois Mining has sold the Nyngan and Flemington royalties to TSX-listed Cobalt 27 Capital Corporation, for $4.5-million.

Jervois held a 1.5% gross revenue royalty over the Flemington-Syerston nickel/cobalt/scandium deposit, in New South Wales, and a 1.7% gross revenue royalty over the Nyngan minerals deposit, also in New South Wales.

Cobalt 27 would acquire the royalties for $1.5-million in cash and $3-million in common shares of Cobalt 27.

Jervois said on Monday that the agreement with Cobalt 27 established a commercial relationship on which to build, with the two companies’ respective business models viewed to be complementary.

The ASX-listed company will retain its royalty interest in the Bullabulling, Forest Reefs and Mt Moss projects, with the Bullabulling gold project identified as the most valuable royalty asset held.

Edited by Creamer Media Reporter

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