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Maverix Metals Provides Update on Kinross Royalty Portfolio and Amulsar
Maverix Metals Provides Update on Kinross Royalty Portfolio and Amulsar Canada New...
About this update from Mustang Minerals Limited
[{"type":"text","content":"\n\n\n\nMaverix Metals Provides Update on Kinross Royalty Portfolio and Amulsar\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, Jan. 13, 2020\n\n\n\nVANCOUVER, Jan. 13, 2020 /CNW/ - Maverix Metals Inc. (the \"Company\" or \"Maverix\") (NYSE American & TSX: MMX) announces that as part of the purchase of the Kinross Gold Corporation (\"Kinross\") royalty portfolio (the \"Royalty Portfolio\"),  Brett Resources Inc., a subsidiary of Agnico Eagle Mines Limited (collectively \"Agnico Eagle\"), has exercised its right of first refusal (\"ROFR\") on the sale of the 2% net smelter return royalty on the Hammond Reef project located in Ontario, Canada, in accordance with the terms of the royalty agreement between Agnico Eagle and Kinross. As a result of the ROFR exercise, Maverix has received a cash payment of US$12 million. All of the other royalties in the Royalty Portfolio that were subject to restrictions on transfer, that included a ROFR, have expired and Maverix has completed the acquisition of those royalties.\n\n \n \n\n \nAmulsar Project Update\nOn December 23, 2019, the owner of the Amulsar project, Lydian International Limited (\"Lydian\"), announced that Lydian and its direct and indirect wholly owned subsidiaries, Lydian Canada Ventures Corporation and Lydian U.K. Corporation Limited, were granted protection under the Companies' Creditors Arrangement Act (Canada) (the \"CCAA\"). \nLydian has disclosed that since June 2018, illegal blockades have prevented access to its Amulsar project in Armenia and that despite many public statements that there is no legal basis on which to prevent Lydian's development of the Amulsar project, the Government of Armenia has failed to remove the illegal blockades. While under CCAA protection, Lydian intends to continue discussions with its lenders and others, including the Government of Armenia, to seek to maximize the outcome for all stakeholders. \nMaverix owns a fixed payment stream on the Amulsar project, which it acquired as part of the purchase in June 2018 of a royalty portfolio from Newmont ...