Business
EMX Royalty Corporation Closes Asset Purchase Transaction of the Oijarvi and Solvik Gold Projects
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2021) - EMX Royalty Corporation ...
About this update from Agnico Eagle Mines Limited
[{"type":"text","content":"EMX Royalty Corporation Closes Asset Purchase Transaction of the Oijarvi and Solvik Gold ProjectsVancouver, British Columbia--(Newsfile Corp. - June 25, 2021) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the \"Company\" or \"EMX\") is pleased to announce that it has closed the previously announced asset purchase transaction pursuant to which Gold Line Resources Ltd. (TSXV: GLDL) (\"Gold Line\") has acquired a 100% interest in Agnico Eagle Mines Limited's (NYSE: AEM) (TSX: AEM) (\"Agnico\") Oijärvi Gold Project located in central Finland and Solvik Gold Project located in southern Sweden (collectively, the \"Projects\") for an aggregate purchase price of US$10 million comprised of cash and shares of each of EMX and Gold Line (the \"Transaction\"). In connection with the Transaction, Agnico will retain a 2% net smelter return (\"NSR\") royalty on the Projects, 1% of which may be purchased at any time by EMX for US$1 million.The Transaction has been completed pursuant to an asset purchase agreement dated March 19, 2021 (the \"Agreement\") among the Company, Gold Line, Agnico, Agnico Eagle Finland Oy and Agnico Eagle Sweden AB. As a result of the Agreement, Agnico has become a shareholder of EMX and Gold Line, and EMX will increase its equity holdings in Gold Line and receive staged cash payments from Gold Line. EMX will also gain additional royalty exposure in two emerging gold belts in the Nordic region.Consideration for the Transaction is US$10 million, comprised of US$7 million in cash, US$1.5 million in common shares of EMX (\"EMX Shares\") and US$1.5 million in common shares of Gold Line (\"Gold Line Shares\"), which is required to be paid to Agnico as follows:DateGold Line Cash Payments (USD)EMX Shares (USD)Gold Line Shares (USD)Upon signing of the Purchase Agreement$750,000 (paid)$375,000 (issued)$375,000 (issued)On the first anniversary of the Purchase Agreement$1,500,000$500,000$500,000On the second anniversary of the Purchase Agreement$1,750,000$625,000$625,000On the third anniversary of the Purchase Agreement$3,000,000--Total$7,000,000$1,500,000$1,500,000 In addition, EMX will receive cash and share payments from Gold Line as set out in the table below:DateCash Payments (USD)Gold Line Shares(USD)Upon signing of the Purchase Agreement-$375,000 (issued)On the first anniversary ...