Cornish Metals Inc. (TSX.V / AIM: CUSN)
Announced that it has reached an agreement, through a wholly-owned subsidiary of the Company, to sell a 1% Net Smelter Returns Royalty (NSR) on its Sleitat tin-silver project in Alaska to Electric Royalties Ltd. (TSX-V:ELEC) […]
|Cornish Metals||TSX.V : CUSN|
|Market cap||C$120 m @ 41c|
|Location||Cornwall, United Kingdom|
CORNISH METALS ENTERS AGREEMENT TO SELL A 1% NSR ROYALTY ON THE SLEITAT TIN-SILVER PROJECT IN ALASKA TO ELECTRIC ROYALTIES LTD
Vancouver, March 9, 2022
Cornish Metals Inc. (TSX.V / AIM: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on its tin/copper projects in Cornwall, United Kingdom, is pleased to announce that it has reached an agreement, through a wholly-owned subsidiary of the Company, to sell a 1% Net Smelter Returns Royalty (NSR) on its Sleitat tin-silver project in Alaska to Electric Royalties Ltd. (TSX-V:ELEC / OTCQB:ELECF) for the following consideration:
• 1,000,000 common shares of Electric Royalties Ltd (“Consideration Shares”)
• CDN$100,000 cash
Upon issuance at closing of the transaction, the Consideration Shares will be subject to a voluntary lockup agreement whereby 50% of the Consideration Shares will be subject to a six month hold period and the balance subject to a one year hold period.
The completion of the transaction noted herein is subject to completion of due diligence, approval of the TSX Venture Exchange and other customary conditions.
To read the full news release, please click HERE
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