The agreement also includes $12.5 million in delayed payments, as well as other contingent payments, rights, and duties.
“With the acquisition of Tintic, we have acquired not only a very potential test mine in the Trixie project, but also a significant, historic land package in one of the world’s top mining jurisdictions,” stated Sean Roosen, chairperson and CEO of Osisko Mining.
In addition, Osisko Development signed a binding term contract with Osisko Bermuda (OBL), an Osisko Gold Royalties fully owned subsidiary, for a stream on the metals generated from the Tintic site in exchange for $20 million in cash.
Osisko will sell OBL 2.5 percent of all metals produced by Tintic Consolidated Metals at a price equal to 25% of the applicable spot metal price.
The stream rate will drop to 2% of all metals produced after the delivery of 27,150oz of refined gold.
The money will be used by OBL to further the Tintic’s development.
The stream will close on or before July 31, 2022. It is subject to stock exchange and regulatory approval.
Furthermore, the company met the escrow release terms for its 13,732,900 subscription receipts, which were issued at a price of C$4.45 each and raised roughly C$61.1 million in total funds.
A ‘purchased deal private placement’ was used to issue these.
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