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Scandium International Mining Corp. (TSX:SCY) announced that it’s received US$2.07 million from a private investor. In return, the investor was granted a 0.7-percent royalty on gross mineral sales from the company’s Nyngan and Honeybugle properties in New South Wales.
Scandium International Mining Corp. (TSX:SCY) announced that it’s received US$2.07 million from a private investor. In return, the investor was granted a 0.7-percent royalty on gross mineral sales from the company’s Nyngan and Honeybugle properties in New South Wales.
Royalty highlights are as follows:
- US$2.07M cash proceeds received from sale of royalty
- The royalty consists of a 0.7% gross sales royalty on both the Nyngan and adjacent Honeybugle properties, payable quarterly,
- The royalty covers all minerals produced and sold from both properties, with no caps, minimums, term limits or early buyout provisions, and
- The Company has retained all rights to commence and operate mining projects on both properties, and adjust land holdings, on a commercial basis as defined by management, consistent with other existing private and State royalties on the properties.
George Putnam, CEO of Scandium International, commented:
The Company is fully focused on working with Lycopodium and a cast of specialist engineering/mining consultants to complete a DFS suitable for funding project construction in 2016. This royalty funding ensures that we have the full resources needed to complete a DFS in a quality form, to meet the project standards set by State and Local requirements, and to bring the Nyngan Scandium Project to a financial investment decision-point next year.
Click here to read the full Scandium International Mining Corp. (TSX:SCY) press release.