subscribed a letter of intent ("LOI") with Silver Crown Roy<br /> <a href="https://money.tmx.com/quote/PPX/news/5069767641634076/PPX_Subscribes_US_25_Million_Silver_Royalty_LOI">PPX Subscribes US$ 2.5 Million Silver Royalty LOI (tmx.com)</a><br /> <br /> <br />
The key terms of this financing are as follows:
US$ 2.5 million funding payable in cash for a 15% silver royalty at the Igor 4 mining concession.
The royalty expires upon the delivery of 250,000 ounces of silver or five years from closing,
whichever occurs later.
Starting June 1, 2025, an annual minimum of 50,000 ounces of silver applies.
The Company has the option, at its sole discretion, to increase the minimum annual
silver ounces delivered to 100,000, increasing the termination cap from 250,000 to
500,000 silver ounces against additional US$ 2.5 million, payable in shares of SCR
at C$0.50 per common share or 5-day trailing VWAP of the common share, whichever is greater.
The transaction is subject to due diligence.
At commercially reasonable efforts, both parties expect to conclude due diligence by March 31,
finalize definitive agreement by May 15 and close by June 30, 2024.