Metalla (OTCQB:EXCFF, CSE:MTA) Consolidates Canadian Extension Royalties at Hoyle Pond
Thursday Metalla Royalty & Streaming Ltd.(CSE:MTA) (OTCQB:EXCFF) (FRANKFURT:X9CP) signed a definitive agreement with Matamec Exploration Inc. to acquire net smelter return “NSR” royalties on mining properties located in Timmins, Ontario.
The upfront payment will be, C$500,000 in cash and 2,000,000/shares valued at $0.50 for C$1,000,000 of value and a total acquisition price of C$1,500,000. Each common share will have 1/2 warrant. Each full warrant will have a term of 2 years with an exercise price of $0.75.
SUMMARY OF ROYALTIES
Properties owned by Goldcorp (NYSE:GG):
- Hoyle Pond Extension Royalty – 1% royalty on the leased mining rights located in Hoyle township, east of the Hoyle Pond Gold Mine. The NSR royalty on the leased mining rights shall be payable after the initial 500,000 ounces gold equivalent threshold is met;
- The fee simple mining rights– 1% royalty located in Hoyle township, east of the Hoyle Pond Gold Mine;
- Colbert/Anglo Property – 1% royalty on the mining rights located in Matheson township, east of the Hoyle Pond Gold Mine with a right to buy back 0.375% of such NSR royalty for an amount of C$500,000
Property owned by Glencore Plc (L.GLEN)
- Bint Property – 1% NSR located in Matheson township, east of the Hoyle Pond Gold Mine.
Property owned by International Explorers and Prospectors Inc
- Montclerg Property – 1% NSR located on the Pipestone Fault in the Timmins Gold Camp, an area that has produced more than 70 million ounces of gold from large deposits that exceed 1,800m in depth.
Brett Heath, President of Metalla Royalty & Streaming, said, “This acquisition consolidates the other half of the existing royalties on the Hoyle Pond extension properties that we acquired in November 2016. This gives Metalla 2% on the extension of one of the highest grade mines in Timmins that has averaged between 150,000 and 160,000 ounces of gold (Au) at 14gpt annually over the past few years”