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Norvista Capital Provides Update On Minera Alamos Strategic Partnership and Concurrent Financing
Toronto, Ontario--(Newsfile Corp. - July 10, 2017) - Norvista Capital Corporation (TSXV: NVV...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"Norvista Capital Provides Update On Minera Alamos Strategic Partnership and Concurrent FinancingToronto, Ontario--(Newsfile Corp. - July 10, 2017) - Norvista Capital Corporation (TSXV: NVV) (\"Norvista\" or the \"Company\") is pleased to provide shareholders with an update on recent milestone achievements at Minera Alamos Inc. (\"Minera\"), one of Norvista's core investee companies. Highlights●   Minera enters into strategic partnership with Osisko Gold Royalties Ltd. (\"Osisko\") to expand operations in Mexico, Central and South America;●   Minera completes oversubscribed financing for gross proceeds of $8,706,750;●   Osisko granted option to provide Minera with royalty financing up to $9,000,000 to assist in funding the development of Minera's La Fortuna gold project.Effective May 30, 2017 Minera announced that Osisko Gold Royalties Ltd. (\"Osisko\") had acquired a strategic, 19.9% non-diluted equity interest in Minera. The Osisko investment was the first tranche of a brokered private placement (the \"Financing\") for gross proceeds from Osisko to Minera of $3,306,750. Subsequently, on June 29, 2017 Minera announced the closing of a second and final tranche of the Financing with institutional and retail investors for gross proceeds of $5,400,000 resulting in combined gross proceeds to Minera from the Financing of $8,706,750.As a condition of its strategic equity investment in Minera, Osisko requested and was granted an option to purchase up to a 4% net smelter returns (\"NSR\") royalty interest in Minera's La Fortuna Mexican gold project for total future consideration to Minera of up to $9,000,000. The proceeds from this NSR royalty have been designated by Osisko to specifically provide Minera with a significant portion of the anticipated capital expenditure funding requirements associated with taking the La Fortuna project into production, which could occur as early as Q4 of 2018. Additionally, Osisko was also granted the right to nominate two directors to the Board of Directors of Minera. On June 8, 2017, Ruben Padilla, chief geologist of Talisker Exploration Services Inc., and a nominee of Osisko, was appointed to the Board of Directors of Minera. On May 30, 2017, Sean Roosen, Chairman and CEO of Osisko, commented: \"We are very pleased to partner with Minera...