RE:RE:Wonder what Sandstorm's "concession" will beHello,
The info. is provided on Colossus website. Basically it is a reduction in the stream percentage until mid- 2015, based on how much capital Colossus has. I agree that this is good news but the deferral of the payment on the notes until 2015 NEEDS to pass at the January meeting.
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"In connection with the Financing, the Company and other stakeholders have been negotiating
with Sandstorm in respect of certain concessions, the exact terms of which will be reflected in the terms of an agreement to amend the Sandstorm Agreement (the “Sandstorm Amendment Agreement”).
The Sandstorm Amendment Agreement is expected to provide that the stream payments (i.e. the respective percentages of gold, platinum and palladium derived from production from the Serra Pelada Mine) deliverable to Sandstorm under the Sandstorm Agreement will be reduced from time to time by amounts that correspond to the amounts added from time to time to the Company’s stated capital account between December 31, 2013 and June 30, 2015."
"For example, for the first US$30 million added to Colossus’ stated capital account between
December 31, 2013 and June 30, 2015, stream payments to Sandstorm will be reduced by US$0.75 for
each dollar added to the stated capital account, to a maximum aggregate reduction of US$22.5 million. ""
https://www.colossusminerals.com/files/doc_downloads/doc_circular/Colossus%20Noteholder%20Circular.pdf