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Bullboard - Stock Discussion Forum Sandstorm Gold Ltd. SAND


Primary Symbol: T.SSL

Sandstorm Gold Ltd. is a Canada-based precious metals-focused streaming and royalty company. The Company is focused on acquiring streams and royalties from mines. It holds a portfolio of approximately 250 royalties, of which 40 of the underlying mines are producing. The Company’s segments include Aurizona, Blyvoor, Bonikro, Caserones, Cerro Moro, Chapada, Diavik, Fruta del Norte, Hounde... see more

TSX:SSL - Post Discussion

Sandstorm Gold Ltd. > News out this morning
View:
Post by loonietunes on May 21, 2020 1:09pm

News out this morning

 

Sandstorm Gold acquires 5 M Avalon shares

 

2020-05-21 10:17 ET - News Release

 

Mr. Michael Smith of Avalon reports

AVALON INVESTMENT HOLDINGS ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENTS OF AN ADDITIONAL US$2,818,610 FOR AGGREGATE GROSS PROCEEDS TO DATE OF US$6,133,467

Avalon Investment Holdings Ltd., the holder of a 100-per-cent interest in the Omai gold mine in Guyana, through a wholly owned subsidiary, has raised additional gross proceeds of $2,318,610 in connection with a non-brokered private placement previously announced on Oct. 10, 2019, and gross proceeds of $500,000 (U.S.) to Sandstorm Gold Ltd. as noted below, for aggregate gross proceeds of $2,818,610 (U.S.). In connection with the Offering and the Sandstorm Placement, Avalon has raised aggregate gross proceeds of US$6,133,467 to date.

Avalon issued 5,000,000 common shares (each, a "Common Share") to Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL) ("Sandstorm") for consideration of US$500,000 bringing the total amount invested by Sandstorm to US$2,000,000 (see January 14, 2020 news release).

In addition, pursuant to the closing of the most recent tranches of the Offering, Avalon sold 23,186,095 units (each, a "Unit") for total consideration of $2,318,610 each Unit consisting of one Common Share and one-half of one whole common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder, on exercise, to purchase one additional Common Share for a period of 24 months at a price of US$0.35. The Company may close further tranches of the Offering in the future as it moves forward with its reverse takeover transaction with Anconia Resources Corp. (TSXV: ARA) ("Anconia").

Michael Smith, President and CEO of Avalon commented, "We are very pleased with the continued support of Sandstorm, our current and new investors. Omai is a unique opportunity with potential for high grade near surface mineralization as well as high grade mineralization to depth. Omai historically produced 3.8 million ounces of gold at 1.6 gpt open pit and historic unmined drill intercepts have been identified including 12 meters of 23.8 gpt gold, 61 meters of 3.7 gpt gold and 15 meters of 13.6 gpt gold. We believe Omai has the potential of developing into a tier one gold asset in the Americas."

The drill intercepts described here are historical in nature and have not been verified against core by a Qualified Person. There is no guarantee that future work would verify these results, and Avalon does not consider these results to be current.

As previously disclosed, Avalon has executed a definitive amalgamation agreement (the "Agreement") dated October 9, 2019 with Anconia. Pursuant to the Agreement, Anconia will acquire all of the issued and outstanding securities of Avalon by means of a three-cornered amalgamation (the "Proposed Transaction"). The Proposed Transaction constitutes a reverse takeover of Anconia under the policies of the TSX Venture Exchange (the "TSXV") and its completion is subject to the approval of the TSXV. For further information regarding the Proposed Transaction please refer to the SEDAR profile of Anconia at www.sedar.com.

Technical information in this press release has been reviewed and approved by Brian H. Newton P.Geo, who is a "Qualified Person" as defined by NI 43-101 "Standards of Disclosure for Mineral Projects".

Comment by Jacksprat3 on May 21, 2020 5:40pm
Is this good news for Sandstorm?  Bad news?  What does it mean for our future?
Comment by loonietunes on May 21, 2020 6:32pm
A new company named Omai Gold mine will result, a large package to explore in Guyana,  Smallish transaction.  Past producer time will tell on the merits?
Comment by fruitvale3067 on May 21, 2020 6:51pm
Well they got a 1% NSR. The company geologist must have seen something the liked. Looks to be a longer term play. 
Comment by loonietunes on May 22, 2020 12:18pm
I have a vague recollection of the predecessor co.  Decent enough company but couldn't execute on a large property wrong part of the cycle as well.  Looked quickly at the incoming team lots of experience to be sure, they have a head start with infrastructure on site.  Watch it when it goes public might be a trade there.
Comment by lumpy13 on May 22, 2020 2:43pm
SAND has a strong technical team which is quite good at finding potentially, very attractive properties and getting in early at a low price.  They're essentially long term options.