Tertiary Minerals PLC Sale of Royalty Interests (1661V)
August 08 2022 - 2:00AM
UK Regulatory
TIDMTYM
RNS Number : 1661V
Tertiary Minerals PLC
08 August 2022
8 August 2022
Tertiary Minerals plc ("Tertiary" or "the Company")
SALE OF ROYALTY INTERESTS
Tertiary Minerals plc is pleased to announce that it has
accepted a binding offer from Aurion Resources Ltd ("Aurion") for
the purchase of Tertiary's royalty interests in the Kaaresselkä and
Kiekerömaa Gold Projects in Finland.
The consideration payable on closing of a formal sale and
purchase agreement is:
-- CAD$200,000, to be paid in cash, and
-- The issue to Tertiary of 83,333 common shares in Aurion
Resources Ltd (the "Consideration Shares").
The Consideration Shares will be subject to a statutory four
month and one day hold period from closing. The agreement is also
subject to acceptance by the TSX Venture Exchange.
The closing price of Aurion's shares on the TSX.V exchange on
Friday 5 August 2022 was CAD$0.68.
Commenting today, Executive Chairman Patrick Cheetham said:
"The proceeds of the sale will be applied to the Company's
exploration projects in Nevada, where we are awaiting assay results
from trenching at the Brunton Pass Copper Project, and in Zambia
where a successful drilling programme was recently completed at the
Jacks Copper Project. The Company is building an attractive
portfolio of exploration projects in Zambia and we are pleased to
be generating these additional exploration funds from internal
resources. We are also pleased to become a shareholder in Aurion
once again at a time when its interests in the Risti and Helmi gold
discoveries in Finland are delivering exciting exploration results
close to Rupert Resources' 4Moz Ikkari gold discovery."
For more information please contact:
Tertiary Minerals plc:
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
----------------------
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
----------------------
Caroline Rowe
----------------------
Peterhouse Capital Limited
Joint Broker
Lucy Williams + 44 (0) 207 469 0930
-----------------------
Duncan Vasey
----------------------
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Additional Information.
The Kaaresselkä and Kiekerömaa Gold Projects were sold to Aurion
in 2016 for GBP100,000, GBP15,000 of which was paid in cash and
GBP85,000 of which was settled in Aurion Shares which were
subsequently sold (2017) for GBP116,264. At the time of the sale,
Tertiary retained royalties on both the Kaaresselkä and Kiekerömaa
Gold Projects comprising (i) a pre-production royalty on definition
of a Minerals Resource Estimate on either project, with US$1.00,
US$2.00, and US$3.00 payable per ounce of gold in the Inferred,
Indicated and Measured Mineral Resource categories respectively;
and (ii) a Net Smelter Returns Royalty (NSR) of 2% on all future
gold production from either property. The liability to pay the
Kiekerömaa royalty was novated by Aurion to B2Fingold Oy (a joint
venture company owned by Aurion and B2 Gold Corporation Ltd) in
2021. The unaudited book value of the Kaaresselkä royalty was
GBP260,477 and of the Kiekerömaa royalty was GBP97,326 on 30 June
2022. There has been no revenue associated with either royalty to
date and both projects are at the exploration stage.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISSSMFIMEESEEA
(END) Dow Jones Newswires
August 08, 2022 02:00 ET (06:00 GMT)
Tertiary Minerals (LSE:TYM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tertiary Minerals (LSE:TYM)
Historical Stock Chart
From Jul 2023 to Jul 2024