Business
Pacific Empire Enters into Royalty Partnership with BatteryOne Royalty Corp. on Portfolio of Copper Projects in British Columbia
Vancouver, British Columbia--(Newsfile Corp. - March 4, 2019) - Pacific Empire Minerals Corp. ...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Enters into Royalty Partnership with BatteryOne Royalty Corp. on Portfolio of Copper Projects in British ColumbiaVancouver, British Columbia--(Newsfile Corp. - March 4, 2019) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\"), a hybrid prospect generator focused in British Columbia, is pleased to announce that it has entered into a royalty purchase agreement providing for the creation and grant of a 1.0% net smelter returns royalty to BatteryOne Royalty Corp. (\"BatteryOne\") on all metals and minerals produced from PEMC's Copper King, NUB East and NWT projects (collectively, the \"Royalties\") in exchange for 345,000 common shares in BatteryOne and cash payment of C$10,000. The Projects are located in the Province of British Columbia, Canada in close proximity to multiple significant deposits. Those significant deposits include the Kemess and Mount Milligan properties held by Centerra Gold Inc. (\"Centerra\"), the Kwanika Copper deposit advanced by Posco Daewoo and Serengeti Resources Inc. (\"Serengeti\") and the Stardust project held by Sun Metals Corp. (\"Sun Metals\"), which has attracted Teck Resources Limited (\"Teck\") as a strategic investor. PEMC has also agreed to grant to BatteryOne a right to acquire a 1.0% net smelter returns royalty in the future, on all metals and minerals produced from PEMC's Pinnacle Reef project (the \"Pinnacle Reef NSR Royalty\") in the event the existing option agreement on this property is terminated or expires. PEMC has also agreed to grant BatteryOne a right of first refusal (\"ROFR\") on any future royalty or streaming transactions on the Projects. BatteryOne is led by a seasoned management team with experience across metals and mining finance. The Company is an early mover in the base/battery metals royalty space.Overview of Commercial Terms The acquisition price for the Royalties will be C$10,000 in cash and 345,000 common shares of BatteryOne. The acquisition price for the Pinnacle Reef NSR Royalty will be C$40,250, payable in common shares of BatteryOne at a later date if and when the existing option agreement is terminated or expires.Completion of the transaction is subject to customary conditions, including the execution of royalty agreements, and all necessary corporate and regulatory approvals.\"We believe t...