Maverix Metals says it has acquired a portfolio of royalties from Pan American Silver
Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX) (FRA:7781) has reported the acquisition of a portfolio of precious metals royalties from Latin America-focused Pan American Silver Corp (TSE:PAAS) (NASDAQ:PAAS) (FRA:PA2).
The portfolio includes six royalties and will be exchanged for 491,071 common shares of Maverix and a cash payment of $7 million.
Currently, Maverix’s portfolio of globally diversified assets sits at more than 100.
READ: Maverix Metals sees 41% increase in revenue in first quarter: lifts dividend payment by 25%
The Pan American deal falls in line with the gold-focused royalty and streaming company’s mission to increase per share value by acquiring precious metals royalties and streams.
“We are happy to have completed the purchase of this gold-focused royalty portfolio from Pan American Silver, our most tenured strategic shareholder,” Ryan McIntyre, President of Maverix, said in the statement. “This acquisition adds future option value to our overall asset portfolio, which now boasts 121 royalty and stream assets, 13 of which are currently paying and a number of which are on advanced stage projects.”
The six royalties include the Fenn-Gib royalty, a 1% – 2.5% net smelter return (NSR) royalty on a portion of the Fenn-Gib gold project in Ontario, operated by Mayfair Gold Corp (CVE:MFG) (OTCMKTS:MFGCF) (FRA:9M5). Maverix is acquiring three separate royalties related to Fenn-Gib.
There are two separate non-overlapping 1% NSR royalties that cover the entire project. The third royalty is an additional 1.5% NSR that partially overlaps the project. In total, Maverix’s royalty coverage will range between 1% -2.5% in relation to the Fenn-Gib project.
The royalty company will also acquire a 3% NSR royalty on a portion of the silver and zinc Recuperada project located in Huancavelica, Peru and a 1% NSR royalty on the advanced exploration-stage Juby gold project operated by Aris Gold Corporation in Ontario.
The other three royalties range from 1.5% – 2.5% NSR on the Hog Heaven property in Montana, Hernandez in Mexico and Blakelock in Ontario.
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Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/953635/maverix-metals-says-it-has-acquired-a-portfolio-of-royalties-from-pan-american-silver-953635.html
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