Business
Silver Crown Royalties Acquires Silver Royalty from Bactech Environmental
TORONTO, ON – TheNewswire - November 25, 2024 – Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) (CBOE:SCRI; OTCQX:SLCR
About this update from Silver Crown Royalties Inc
[{"type":"text","content":"TORONTO, ON – TheNewswire - November 25, 2024 – Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) (CBOE:SCRI; OTCQX:SLCRF; FRA:QS0) is pleased to announce that it has closed the purchase of a royalty from BacTech Environmental Corporation (“BacTech”) (CSE:BAC, OTCQB:BCCEF) pursuant to the terms of a definitive royalty purchase agreement (the “Agreement”) previously announced on October 28, 2024. Pursuant to the terms of the Agreement, SCRi was granted a royalty on BacTech’s future bioleaching facility in Tenguel, Ecuador (the “Project”) equal to the cash equivalent of 90% of the silver processed at Project (the “Royalty”). Additionally, the Royalty provides that SCRi is to receive payments of a minimum 35,000 ounces of silver annually for at least ten years following the commencement of regular processing operations at the Project (“Commercial Production”). The total purchase price for the Royalty consisted of: (i) C$1,000,000 in SCRi units (“Units”) issued at closing at a deemed value of C$10.00 per Unit, with each Unit consisting of a common share of SCRi (“Common Shares”) and a common share purchase warrant entitling the holder to acquire an additional Common Share at a price of C$16.00 for a period of 36 months from issue; (ii) 100,000 special warrants (“Special Warrants”) issued at closing and exercisable for a period of 36 months into 100,000 Common Shares of SCRi that will be automatically exercised for no additional payment upon BacTech successfully financing the Project (the “Financing Milestone”), and (iii) 200,000 Special Warrants issued at closing and exercisable into 200,000 Common Shares for a period of 36 months that will be automatically exercised for no additional payment upon BacTech achieving Commercial Production (the “Production Milestone”). SCRi’s October 28, 2024 press release erroneously noted that the 300,000 Special Warrants were exercisable into Units as opposed to Common Shares. If either of the Financing Milestone or Production Milestone are not successfully achieved within the 36-month period, the respective tranche of the Special Warrants will expire without having been exercised. Peter Bures, Silver Crown’s Chief Executive Officer, commented, “We are very excited to close this all-equity transaction with BacTech. The Royalty has the potential to more than do...