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Entrée Resources Announces the Sale of its Royalty on the Cañariaco Copper Project
Entrée Resources Announces the Sale of its Royalty on the Cañariaco Copper Proje...
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\nEntrée Resources Announces the Sale of its Royalty on the Cañariaco Copper Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 8, 2018\n\n\n\nVANCOUVER, June 8, 2018 /CNW/ - Entrée Resources Ltd. (TSX:ETG; NYSE American:EGI – the \"Company\" or \"Entrée\") is pleased to announce it has sold its 0.5% net smelter returns royalty (the \"Royalty\") on Candente Copper Corp.'s Cañariaco Copper Project in Northern Peru to Anglo Pacific Group PLC (LSE: APF; TSX: APY – \"Anglo Pacific\"). \n\nUnder the agreement with Anglo Pacific (the \"Agreement\"), Entrée transferred all the issued and outstanding shares of its subsidiaries that directly or indirectly hold the Royalty to Anglo Pacific for consideration of US$1 million, payable by the issuance of 478,951 Anglo Pacific shares at the Anglo Pacific 30-day volume weighted average price of 156.6079 GBP per share as of June 5, 2018 (the \"Share Consideration\"). Entrée has agreed to hold the Share Consideration for a period of at least 90 days following closing. \n\nIn addition, Entrée retains the right to a portion of any future royalty income received by Anglo Pacific in relation to the Royalty as follows:\n\n\n20% of any royalty payment received for any calendar quarter up to and including the quarter ending December 31, 2029;\n15% of any royalty payment received for any calendar quarter commencing January 1, 2030 up to and including the quarter ending December 31, 2034; and\n10% of any royalty payment received for any calendar quarter commencing January 1, 2035 up to and including the quarter ending December 31, 2039.\n\nStephen Scott, President and CEO of Entrée comments, \"We are very pleased to enter into this agreement with Anglo Pacific. In addition to making a 100% gain on its initial US$500,000 investment, Entrée also retains long-term exposure to a potential royalty income stream from the Cañariaco Copper Project, when and if it is developed.  In addition to potential appreciation on the Share Considera...