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Metalla Signs Definitive Agreement to Acquire a 15% Interest in the NLGM Silver Stream and an Option to Invest at Cost in a Subsequent Stream from Silverback LTD
Metalla Royalty & Streaming Ltd. (“Metalla” or the “Company”) (CSE:MTA)(CSE:MTA.CN)(CNSX:MTA)(OTCQB:EXCFF)(FRANKFURT:X9CP) is pleased to announce that Metalla SEZC (the Company’s 100% owned Cayman subsidiary) has signed a definitive agreement to acquire 15% of the issued shares of Silverback LTD (“Silverback”), together with an option on a second stream for a net amount US$1.86 million. The first …
Metalla Royalty & Streaming Ltd. (“Metalla” or the “Company”) (CSE:MTA)(CSE:MTA.CN)(CNSX:MTA)(OTCQB:EXCFF)(FRANKFURT:X9CP) is pleased to announce that Metalla SEZC (the Company’s 100% owned Cayman subsidiary) has signed a definitive agreement to acquire 15% of the issued shares of Silverback LTD (“Silverback”), together with an option on a second stream for a net amount US$1.86 million. The first payment from Silverback will be credited against the purchase price. (as discussed below).
Silverback is a privately held Guernsey-based investment company that solely owns 100% of the New Luika Gold Mine (“NLGM”) silver stream which it purchased to provide Shanta Gold Limited (“Shanta”), the operator, with construction financing for the underground mine transition. The NLGM underground mine has made significant progress over the last 12 months successfully producing its first underground gold in December 2016. During this period NLGM’s reserve base was significantly increased through targeted exploration extending the operation’s mine life with further increases anticipated.
Closing of the transaction by Metalla SEZC and Silverback is expected to occur on or about May 11th, 2017 and is subject to conditions customary for similar transactions.
Silver Stream
Metalla SEZC will have a 15% interest in Silverback, which is entitled to purchase silver pursuant to the Silver Streaming Agreement dated May 6, 2016 (“SSA”). Under the SSA, silver is purchased at 10% of the silver spot price (Example: US$1.80 per oz Ag payable in cash for US$18 silver spot price). The SSA relates solely to silver by-product production from the NLGM located in the Mbeya region in the Lupa Goldfield in south west Tanzania. The SSA will have minimum silver delivery obligations totaling 608,970 oz Ag over the first 6.75 years. The SSA continues through 2026 and silver deliveries will be on an annual basis for the first seven years and then on a monthly basis.
Click here to read the full press release.
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