Business
Maverix Metals Completes Acquisition of Royalty Portfolio from Kinross Gold
Maverix Metals Completes Acquisition of Royalty Portfolio from Kinross Gold Canada...
About this update from Mustang Minerals Limited
[{"type":"text","content":"\n\n\n\nMaverix Metals Completes Acquisition of Royalty Portfolio from Kinross Gold\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, Dec. 19, 2019\n\n\n\nVANCOUVER, Dec. 19, 2019 /CNW/ - Maverix Metals Inc. (the \"Company\" or \"Maverix\") (NYSE American & TSX: MMX) is pleased to announce that is has completed the previously announced acquisition of a portfolio of over 20 precious metals royalties (the \"Royalty Portfolio\") from Kinross Gold Corporation (\"Kinross\") (the \"Transaction\").\n\n \n \n\n \nAs consideration for the Transaction, Maverix has issued 11.2 million common shares and made a cash payment of US$25 million to Kinross. Maverix used existing cash on hand and its revolving credit facility to fund the US$25 million cash payment. Maverix will now have a total of 119.5 million common shares issued and outstanding, of which Newmont Goldcorp Corporation, Pan American Silver Corp and Kinross hold approximately 25.1%, 23.1% and 9.4% respectively.\nCertain royalties in the Royalty Portfolio are subject to restrictions on their transfer which include rights of first refusal. The rights of first refusal will permit the underlying property owner the right to purchase the specific royalty for cash on the same valuation as established by Kinross and Maverix. If the rights of first refusal are not exercised, then the specific royalties will be acquired by Maverix pursuant to additional closings. Any proceeds from the exercise of a right of first refusal will be paid to Maverix.\nAs part of the Transaction, Kinross and Maverix entered into an Investor Agreement dated December 19, 2019, pursuant to which, among other things, Kinross will receive certain anti-dilution rights in respect of future equity financings of Maverix and Maverix will receive the opportunity to make an offer to acquire certain metal streams or metal royalties, which Kinross might contemplate selling in the future.\nAbout Maverix\nMaverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 100 assets, of which...