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Silver Crown Royalties Closes First Tranche of its Third Producing Royalty and Announces Non-Brokered Private Placement
TORONTO, ON – TheNewswire - FEBRUARY 6, 2025 – Silver Crown Royalties Inc. (“Silver Crown”, “SCRi” or the “Corporation”, or the “Company”) is pleased to announc
About this update from Silver Crown Royalties Inc
[{"type":"text","content":"TORONTO, ON – TheNewswire - FEBRUARY 6, 2025 – Silver Crown Royalties Inc. (“Silver Crown”, “SCRi” or the “Corporation”, or the “Company”) is pleased to announce the closing of the first tranche of (“First Tranche”) of its previously announced royalty with PPX Mining Corp. (“PPX”) for up to 15% of the cash equivalent of silver produced from the Igor 4 project in Peru, and the concurrent launch of a non-brokered private placement offering of units. In connection with closing of the First Tranche, SCRi paid US$1,000,000 in cash to PPX in exchange for a royalty equal to 6% of the cash equivalent of the silver produced from the Igor 4 project in Peru (“Igor 4”). The second tranche of US$1,470,000 in cash (the “Second Tranche”) is due within six months of the date hereof and increases the royalty to 15%. Minimum payment obligations of the cash equivalent of 14,062.5 ounces of silver per quarter begin no later than October 1, 2025 and continue until a total amount of 225,000 silver ounces has been paid. Silver Crown also announces the launch of a non-brokered private placement of up to 400,000 units of the Company (“Units”) at a price of C$7.50 per Unit (the “Issue Price”) for gross proceeds of up to C$3,000,000 (the “Offering”). The Company reserves the right to increase the size of the Offering, subject to the approval of the Cboe Canada Exchange (“Cboe”). Each Unit will consist of one common share of the Company (a “Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant shall be exercisable to acquire one (1) additional Common Share at an exercise price of C$16.00 for a period of three years from the date of the closing of the Offering (the “Expiry Date”). Proceeds of the Offering will be used to fund the Second Tranche as well as a general and administrative expenses of SCRi. All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. Closing of the Offering will be subject to customary conditions precedent, including the prior approval of Cboe. Peter Bures, Silver Crown’s Chief Executive Officer commented, “The tranche 1 closing of the PPX royalty marks our third successful transaction since we went public six months ago. We are growing our footprint in top-tear jurisd...