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Sandstorm Gold Acquires Royalty Package From Teck Resources for US $22 Million
Jan. 19, 2016 10:05AM PST
Gold InvestingSandstorm Gold (NYSE MKT:SAND,TSX:SSL) will acquire 56 royalties from Teck Resources (TSX:TCK.B) for a total consideration of US$22 million. The transaction will be made up of US$1.4 million in cash and US$20.6 million in shares of the comapny.
Sandstorm Gold (NYSE MKT:SAND,TSX:SSL) will acquire 56 royalties from Teck Resources (TSX:TCK.B) for a total consideration of US$22 million. The transaction will be made up of US$1.4 million in cash and US$20.6 million in shares of the comapny.
As quoted in the press release:
Certain royalties in the Royalty Package are subject to rights of first offer and first refusal as well as the requirement for various transfer consents and as a result, the Transaction will have a number of closing dates, with today being the first such closing date.
As consideration for the royalties, Sandstorm has issued a total of 8,365,863 Common Shares priced at C$3.57 per share, the price of the Common Shares being based on the ten (10) day volume weighted average price of the Company’s Common Shares traded on the Toronto Stock Exchange. A portion of the Common Shares will be held in escrow to be released on subsequent closing dates.