Business
Empress Royalty Increases Gold Stream on Sierra Antapite Mine and Seeks New Debt Provider
VANCOUVER, BC / ACCESSWIRE / September 30, 2021 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EM...
About this update from Empress Royalty Corp
[{"type":"text","content":"Empress Royalty Increases Gold Stream on Sierra Antapite Mine and Seeks New Debt ProviderVANCOUVER, BC / ACCESSWIRE / September 30, 2021 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) (\"Empress Royalty\" or the \"Company\") is pleased to announce it is funding an additional payment of US$2.5M gold stream agreement (the \"Stream\") on the Sierra Antapite producing gold mine in Peru.\"The result of increasing the stream from 2.25% to 3.375% of the Sierra Antapite gold production will provide immediate additional revenue into Empress,\" stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. \"With the increase in revenue combined with our development stage projects advancing on schedule, we are forecasting significant revenue next year. We continue to build the fundamentals of our business with a diversified portfolio and a robust pipeline creating value for our shareholders.\"As previously announced on July 28, 2021, Empress Royalty executed a US$10M gold stream agreement on the payable gold production from the Sierra Antapite mine in Peru at 20% of the gold spot price. The Stream is up to 4.5% of the payable gold production of the first 11,000 gold ounces and 1% thereafter for life of mine. Empress Royalty initially funded US$5M in exchange for receiving an immediate stream percentage of 2.25% and retained the right to fund an additional US$5M in order to receive the remaining 2.25% stream percentage. Empress Royalty and Sierra Antapite have now agreed that the Stream may be funded in three tranches instead of two. Accordingly, Empress Royalty is funding an additional US$2.5M on September 30, 2021, which has resulted in the Stream being 75% funded and Empress Royalty receiving 3.375% of all gold production from the mine.Empress Royalty is no longer pursuing discussions with Accendo Banco respecting potential debt financing (see press release dated August 31, 2021). The Company is currently in discussions with alternative financial groups to provide a debt facility on terms substantially similar terms to those it was negotiating with Accendo Banco. Empress Royalty will provide further updates as they are known.ABOUT EMPRESS ROYALTY CORP.Empress Royalty is a new royalty and streaming creation company focused on providing investors with a diversified portfolio of gold and silver investments. Since publicly listin...