Vancouver, British Columbia--(Newsfile Corp. - January 25, 2024) - Commander Resources Ltd. (TSXV: CMD) ("Commander") reports that it has entered into a royalty purchase agreement dated January 22, 2024 to sell a portfolio of its royalty interests (the "Transaction") to a subsidiary of Taurus Mining Royalty Fund L.P., for total consideration of US $4.1 million in cash (CDN $5.5 million), to be paid upon closing of the Transaction.
Robert Cameron, President and CEO states, "This Transaction achieves a highly accretive monetization of our non-core royalty portfolio, unlocking value for shareholders and providing considerable, non-dilutive funding to re-deploy into the Company's ongoing and future exploration efforts."
Commander's royalty portfolio sale to Taurus is comprised of 5 royalties in Canada:
| Asset |
Location |
Owner |
Royalty |
| Hammerdown |
Newfoundland |
Maritime Resources |
1% NSR |
| Storm, Seal |
Nunavut |
Aston Bay, American West |
0.875% GOR |
| Destiny |
Quebec |
Big Ridge Gold |
1% NSR |
| Mt. Polley |
British Columbia |
Imperial Metals |
C$1.25-$2.50 per tonne milled (Boundary Zone)
C$1.25 per tonne milled
(Polley Extension) |
| Tam/Misty |
British Columbia |
Northwest Copper |
1.5% NSR |
The Transaction is subject to customary closing conditions, including regulatory approval of the TSX Venture Exchange and is expected to close in Q1 2024.
GenCap Mining Advisory Ltd. acted as financial advisor for a service fee equal to 2.0% of the Transaction value payable in cash upon closing, and Harper Grey LLP acted as legal counsel to the Company in connection with the Transaction.
About Commander Resources
Commander Resources is a Canadian focused exploration company that has leveraged its success in exploration through a combination of partnerships and sole funded exploration. Commander has a portfolio of base and precious metal projects across Canada including our flagship Burn Project, a joint venture with Freeport-McMoRan Mineral Properties Canada Inc. The company has an aggressive plan to drill test additional copper gold targets over the next two years including our October Dome Copper and Gold porphyry target in central British Columbia and our Sabin VMS project in Ontario.
On behalf of the Board of Directors
Robert Cameron, P. Geo.
President and CEO
For further information, please call:
Robert Cameron, President and CEO
Toll Free: 1-800-667-7866
info@commanderresources.com
Twitter: @CommanderCMD
www.commanderresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195451
