Cornish Metals to convert $7.17M of debt into royalties
2021-01-18 12:28 ET - News Release
Also News Release (C-OR) Osisko Gold Royalties Ltd
Mr. Richard Williams of Cornish Metals reports
CORNISH METALS ANNOUNCES AGREEMENT IN PRINCIPLE TO CONVERT AMOUNTS OWING UNDER ITS 2018 NOTE FINANCING INTO A ROYALTY
Subject to certain conditions, one being a successful listing on the London Stock Exchange's Alternative Investment Market, Cornish Metals Inc. has reached an agreement with Osisko Gold Royalties Ltd. to convert the outstanding amount of $7.17-million under the 2018 note financing (see news release dated Jan. 29, 2018) into a royalty.
Upon listing on the AIM, the note will convert into a 1.5-per-cent net smelter return royalty on the South Crofty tin project and a 0.5-per-cent net smelter return 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, chief executive officer of Cornish Metals, stated: "This transaction clears the path forward for our company with a much-cleaner balance sheet as we embark on our U.K. [United Kingdom] listing. We thank our partner, Osisko, for their continued support and co-operation."
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