RE:RE:Sabre Gold Ask is already Down, Bid is Down BRASS Said;;
the sale of the royalty has brought us to this position where we are ready to take on project financings in order to return Copperstone to production.”
Royalty Purchase
The Company has entered into a letter of intent (the “ LOI ”) with Trans Oceanic Minerals Company Ltd. (“ TOMCL ”), a company owned by Fahad Al Tamimi, a director of the Company and Braydon Capital Corporation (“ Braydon ” and together with TOMCL, the “ Purchasers ”), a Company owned by Claudio Ciavarella, a director of the Company, setting forth the terms on which the Purchasers are prepared to acquire from the Company the 1% net smelter returns royalty (the “ GC Royalty ”) granted to the Company by Candle Gold Ltd. (“ Gold Candle ”) pursuant to the Net Smelter Royalty Agreement between the parties dated February 11, 2015 (the “ CG Royalty Agreement ”)(the “ Transaction ”). The proposed purchase price for the CG Royalty is US$7,400,000 to be satisfied by the Purchasers as follows:
US$1,800,00 credit applied by TOMCL against payment in the amount of US$1,800,000 to be made by the Company to TOMCL as repayment of some of the outstanding debt owed by the Company to TOMCL pursuant to certain promissory notes;