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Maverix Metals Inc. Files Interim Financial Statements for Period Ended June 30, 2016
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / August 29, 2016 - Mav...
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[{"type":"text","content":"Maverix Metals Inc. Files Interim Financial Statements for Period Ended June 30, 2016(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TheNewswire / August 29, 2016 - Maverix Metals Inc. (the \"Company\" or \"Maverix\") (TSX-V: MMX) today filed unaudited condensed interim financial statements for the third quarter, being the nine month period ended June 30, 2016.\n\n\n \nOn July 11, 2016, Maverix (formerly named MacMillan Minerals Inc.) completed the plan of arrangement involving Pan American Silver Corp. (\"Pan American\"), MacMillan Minerals Inc. (\"MacMillan\"), and Maverix Metals Inc. (a private company), pursuant to which Maverix acquired 13 mining royalties, precious metals streams and payment agreements from Pan American (the \"Arrangement\"). As part of the Arrangement, MacMillan also changed its name to the Company's current name \"Maverix Metals Inc.\".\n\n\n \nThe Company's third quarter financial statements and related MD&A are for a period which pre-date the closing of the Arrangement. As a consequence, these financial results still present a period when the Company was solely engaged in mineral exploration and related activities as MacMillan, and are not representative of the fundamental strategic change in Maverix's business that occurred post July 11, 2016. \n\n\n \nMaverix expects that the next quarter's results, which will be for the period from July 1 to September 30, 2016, will start to reflect the Company's royalty and streaming operations. However, the Company also expects that even those results will be transitional, as Maverix concludes its exploration related activities, pays for the costs associated with completing the Arrangement and builds its inventory of gold from its streaming operations. The Company believes that the quarter beginning October 1 and ending December 31, 2016 will be the most representative of Maverix post Arrangement.\n\n\n \nMost importantly, Maverix is pleased to be able to report that commencing in July the Company received initial cash flow from the operation of its metal streaming and royalty portfolio. Specifically, the Company received the first payment from Fortuna Silver Mines from the 1.5% NSR on the Taviche Oeste concession, and has commenced the purchase of gold at US$650/oz from Pan American's La Colorada mine, pursuant to the long term gold purchase agreemen...