SolGold secures $50m royalty financing from Osisko
Ecuador-focused SolGold on Monday announced $50-million in royalty financing from Osisko Gold Royalties for the Cascabel copper/gold project, immediately removing the financing overhand that has encumbered the company.
Osisko will receive a 0.6% net smelter return (NSR) interest from SolGold, calculated with reference to NSRs from the Cascabel licence area. SolGold has a buy-back option, exercisable at SolGold's election for four years from closing, for one-third of the NSR interest.
"This financing shows the intent going forward of SolGold becoming a nimble and agile organisation that can procure attractive financing even in a turbulent macro environment. For a party like SolGold, with big aspirations, working with Osisko is exciting and is testament to the relationships that can be forged on the back of owning a Tier 1 project in a commodity essential to the global shift to decarbonisation,” said recently appointed SolGold director Dan Vujcic.
Chairperson Liam Twigger said that SolGold could now devote its complete attention to the strategic review process, which is under way.
SolGold in July announced a strategic review, following a definitive agreement to acquire Cornerstone Capital Resources, which has a shareholding in Cascabel.
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