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Sandstorm Gold Announces Amendment to Bachelor Lake Gold Stream
Sandstorm Gold Announces Amendment to Bachelor Lake Gold Stream Canada NewsWire ...
About this update from Silver Sands Resources Corp.
[{"type":"text","content":"\n\n\n\nSandstorm Gold Announces Amendment to Bachelor Lake Gold Stream\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 18, 2017\n\n\n\nVANCOUVER, Sept. 18, 2017 /CNW/ - Sandstorm Gold Ltd. (\"Sandstorm\" or the \"Company\") (NYSE MKT: SAND, TSX: SSL) has amended the Bachelor Lake gold stream with Metanor Resources Inc. (\"Metanor\"). Beginning October 1, 2017, Sandstorm will purchase 20% of the gold produced from the Bachelor Lake mine at an ongoing cost of $500 per ounce, until 12,000 ounces of gold have been purchased by the Company at which time the gold stream will convert into a 3.9% net smelter returns (\"NSR\") royalty. Metanor has agreed to sell a minimum of 1,500 ounces of gold to Sandstorm on a quarterly basis until the 12,000 ounce threshold has been reached. \n\nFor consideration of the gold stream amendment, Sandstorm will also receive:\n\n\na 3.9% NSR royalty on Metanor's Barry project; and\nUS$2.0 million in Metanor common shares. Based on the 20-day volume weighted average share price of Metanor on the TSX Venture Exchange the number of common shares to be issued will be 3.16 million. \n\nMetanor may elect to reduce the 3.9% NSR royalty on the Bachelor Lake or Barry projects by making a US$2.0 million payment to Sandstorm in each case (the \"Purchase Option\"). Upon exercising either of the Purchase Options, the Sandstorm NSR royalty will decrease to 1.8%. \n\nSandstorm's President & CEO Nolan Watson remarked, \"During 2017, Metanor has undergone a major restructuring with goals to achieve sustainable production at Bachelor and to effectively develop their Barry project. As part of the restructuring process, new shareholders have come in, the company has been recapitalized and there have been changes at the management and board level. The gold stream amendment is another step in Metanor's progression and I think the structure that we've agreed to makes sense for both companies.\"\n\nWatson continued, \"From a Sandstorm perspective we maintain meaningful exposure to production from Bachelor while adding a royalty on...