Metalla Signs LOI to Acquire 15% of the New Luika Gold Mine Silver Stream from Silverback Ltd
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 01/18/17 -- Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (CSE: MTA)(CSE: MTA.CN)(OTCQB: EXCFF)(FRANKFURT: X9CP) is pleased to announce that it has signed a Letter of Intent to acquire 15% of the issued shares in Silverback Ltd and an option to invest in a second gold stream for US$2 million. Silverback owns a silver stream at a producing gold mine which in 2015 produced 81,873 oz Au and 121,682 oz Ag.
The silver stream covers 100% of the silver produced from the operation. According to the Silver Streaming Agreement, silver is purchased at 10% of the spot price and the stream continues through 2026. Metalla will also have the option to participate with Silverback Ltd on an additional gold stream subject to due diligence.
"This transaction will represent a major step for Metalla as it will be its first cash flowing asset as well as provide direct exposure to silver. We are also pleased to have established a strategic relationship with Silverback Ltd, which is expected to provide ongoing opportunities to co-invest in gold and silver streams in the future," commented Brett Heath, President of Metalla.
Metalla Royalty & Streaming Ltd. is a precious metals royalty and streaming company engaged in the acquisition and management of precious metal royalties, streams, and similar production based interests.
On behalf of the Board of Directors:
Brett Heath, President and Director, Metalla Royalty & Streaming Ltd.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Metalla Royalty & Streaming Ltd.
416-925-0090
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Datum: 18.01.2017 - 13:14 Uhr
Sprache: Deutsch
News-ID 518337
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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