Sandstorm gets share of Mutiny register
PERTH (miningweekly.com) - ASX-listed Mutiny Gold has welcomed Canada’s Sandstorm Gold to its share register, as part of a $43-million metals purchase agreement.
Some 22-million shares would be issued to Sandstorm in respect of a $2-million convertible loan provided in November of last year.
Mutiny MD John Greeve said on Wednesday that the issue of Mutiny shares recognised a critical milestone in the development of the company’s high-value Deflector gold/copper project, in Western Australia.
“At a time when global financial markets were facing historically difficult times and project funding had almost dried up for small miners, to have put together this deal with Sandstorm Gold was a major success story for Mutiny Gold and its supporters,” said Greeve.
The $43-million metals-purchase agreement with Sandstorm would fund a significant portion of the Deflector capital costs, which Greeve said would allow Mutiny to cement in place a number of key financial aspects for the project’s development, and to provide additional certainty to the company’s bankers.
Under the terms of the agreement, Sandstorm had agreed to purchase 15% of the gold produced from the Deflector project. The firm would make an initial up-front cash payment of $9-million, and would make a future cash remittance of $29-million once Mutiny has received final mine permits for Deflector, as well as completed certain funding conditions.
In addition, Sandstorm would make ongoing per-ounce payments equal to the lesser of $500/oz and the prevailing market price of gold.
If Deflector produces more than 85 000 oz in a given year, Sandstorm would make a one-time $4-million payment to Mutiny.
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