RE:I was still building a position but great move to see...
ORIGINAL: Cornish Metals Announces Agreement in Principle to Convert Amounts Owing Under Its 2018 Note Financing Into a Royalty
2021-01-18 12:00 ET - News Release
VANCOUVER, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (TSX-V: CUSN) (“Cornish Metals” or the “Company”) is pleased to announce that, subject to certain conditions, one being a successful listing on London’s AIM exchange (the “AIM”), it has reached an agreement with Osisko Gold Royalties Ltd (OR:TSX & NYSE) (“Osisko”) to convert the outstanding amount of C$7.17 million under the 2018 note financing (the “Note”, see news release dated January 29, 2018) into a royalty.
Upon listing on AIM the Note will convert into a 1.5% Net Smelter Return (“NSR”) royalty on the South Crofty Tin Project and a 0.5% NSR royalty on any other mineral rights held by Cornish Metals in Cornwall that do not form part of the South Crofty Tin Project.
Richard Williams, CEO of Cornish Metals, stated; “This transaction clears the path forward for our company with a much cleaner balance sheet as we embark on our UK listing. We thank our partner, Osisko, for their continued support and cooperation.”
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Willia