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EMC Makes First Settlement Payment on Nyngan Scandium Project, Controls 100% of Project in Australia
EMC Makes First Settlement Payment on Nyngan Scandium Project, Controls 100% of Project in Aus...
About this update from Scandium International Mining Corp.
[{"type":"text","content":"EMC Makes First Settlement Payment on Nyngan Scandium Project, Controls 100% of Project in AustraliaEMC Makes First Settlement Payment on Nyngan Scandium Project, Controls 100% of Project in Australia \nReno, Nevada US, June 27, 2013 /FSC/ - EMC Metals Corp. (EMC - TSX), (the \"Company\" or \"EMC\") announces that it has made an A$1.2M cash payment to Jervois Mining Limited (\"Jervois\") this week, pursuant to the agreed settlement to its dispute with Jervois in relation to the Nyngan Scandium project in NSW, Australia.  \nThe terms of the February 2013 settlement transfer 100% ownership and control of the Nyngan Scandium project to EMC, in return for two cash payments and a percentage royalty payable to Jervois on sales of product from the project.  The second and final cash payment of A$1.4M is now due June 30, 2014.\nThe Company separately this week entered into a 12 month, $US 1.2M loan facility, with a combination of Directors, insiders, and independent shareholders.  The proceeds of that loan were used to make the A$1.2M settlement payment to Jervois.  The loan is secured with a project interest in the Nyngan Project, and an incentive royalty was granted from the Nyngan Project to the lenders as additional consideration.  The loan and terms are subject to TSX approval.\nAlso separately this week the Company returned the Cosgrave Ranch asset to the mortgage holder on that asset, in consideration for cancellation of the $3.75M mortgage, and assumption of certain other minor outstanding payables associated with the ranch asset.   This ranch was purchased in 2008 for water rights held by it that are no longer needed to operate the Springer Tungsten Mine, which is located adjacent to the ranch.\nMr. George Putnam, CEO of EMC Metals comments:\n\"With this important settlement payment milestone cleared, we can now move forward with additional design work, intended to further optimize our development plans for the Nyngan Scandium project.  Our intent on building a scandium business is now in sharper focus, and we intend to pursue our strategy, and serve various waiting markets with scandium product as soon as possible\".\nAbout EMC Metals\nEMC owns a 100% interest in the Springer tungsten mine in Nevada, USA.  The Company recently filed a NI 43-101 PEA...