Business
EMX Royalty Options the Rostvangen and Vakkerlien Properties in Norway to Playfair Mining
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2019) - EMX Royalty Corporation ...
About this update from Playfair Mining Ltd.
[{"type":"text","content":"EMX Royalty Options the Rostvangen and Vakkerlien Properties in Norway to Playfair MiningVancouver, British Columbia--(Newsfile Corp. - March 1, 2019) - EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the \"Company\" or \"EMX\") is pleased to announce the execution of an exploration and option agreement (the \"Agreement\") for the Røstvangen volcanogenic massive sulfide (\"VMS\") property and Vakkerlien nickel-copper-cobalt property in Norway (collectively the \"Project\") with Playfair Mining Ltd. (\"Playfair\") (TSXV: PLY). The Agreement provides EMX with immediate share equity in Playfair, and upon Playfair's completion of the option terms and other consideration, a 9.9% interest in Playfair, a 3% net smelter return (\"NSR\") royalty on the Project, and advance royalty payments.The Røstvangen property hosts a >30 kilometer long trend of geophysical anomalies and VMS-type mineralization, as well as the Kvikne copper deposits, that occur in one of Norway's oldest mining districts. On the directly adjoining Vakkerlien property, nickel mineralization was discovered in the 1870s, and was the subject of drill campaigns from the 1970s through the early 2000s that led to the discovery of nickel-copper-cobalt mineralization. Commercial Terms Overview. Pursuant to the Agreement, Playfair can earn 100% interest in the Project by the issuance of shares to EMX and performance of work during the one-year option period, as described below (all dollar amounts in CDN):On signing the Agreement, subject to TSX Venture Exchange acceptance, Playfair will issue to EMX 3 million common shares of Playfair stock.As a condition to the exercise of the option, Playfair must complete work commitments of at least $250,000 on the Project, and must raise such capital by May 15, 2019.Upon exercise of the option, Playfair will issue to EMX an additional 3 million shares of Playfair stock, and EMX will receive a 3% NSR royalty on the properties comprising the Project. Within six years of the execution of the Agreement, Playfair may purchase 1% of the NSR royalty in 0.5% increments for a total of $3,000,000, leaving EMX with a 2.0% NSR royalty. EMX will also receive annual advance royalty (\"AAR\") payments of $30,000 commencing on the second anniversary of the option exercise, with the AAR payments increasing by $5,000 per year until rea...