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TNR Gold Considers Partial Mariana Lithium Royalty Sale
Vancouver, British Columbia--(Newsfile Corp. - April 6, 2022) - TNR Gold Corp. (TSXV: TNR) ...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Considers Partial Mariana Lithium Royalty SaleVancouver, British Columbia--(Newsfile Corp. - April 6, 2022) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") wishes to announce that it is considering strategic options for the sale of a portion of its NSR royalty involving the Mariana Lithium Project. On October 21, 2021, TNR Gold announced that, further to the Company's news release dated September 27, 2021, International Lithium Corp. (\"ILC\") had announced the completion of the sale to Ganfeng Lithium of ILC's remaining 8.58% stake in Litio Minera Argentina S.A., the owner of the Mariana Lithium Project in Salta, Argentina. The deal included confirmation that Ganfeng's subsidiary, Litio Minera Argentina, would assume all rights or obligations that ILC had in respect of the Mariana property. TNR Gold holds a 2.0% net smelter returns (\"NSR\") royalty on the Mariana Lithium Project.ILC's news release issued on October 20, 2021 stated, \"The Company announced on September 21, 2021 that it had contracted to sell its remaining 8.58% stake in Litio Minera Argentina S.A. and the Company's remaining rights and obligations related to the Mariana project to ILC's partner Ganfeng Lithium. The deal included confirmation that Litio Minera Argentina would assume all rights or obligations that the Company had in respect of the Mariana property. On October 4, 2021 the Company announced that it expected this sale to complete in mid-October. Completion has now taken place.\"TNR wishes to work constructively and co-operatively with Litio Minera Argentina, as it relates to TNR's possible sale of a portion of the NSR royalty not subject to any buy-back rights of Litio Minera Argentina. Litio Minera Argentina has the right to purchase from TNR 1.0% of the NSR royalty for aggregate payment of $1,000,000 at any time within 240 days of \"Commencement of Commercial Production\" as defined in the underlying agreement.Kirill Klip, TNR's Chief Executive Officer commented, \"We have seen Ganfeng Lithium consolidate 100% of the Mariana Lithium Project and both TNR Gold and Ganfeng Lithium's subsidiary Litio Minera Argentina Corp. (\"LMA\") have acknowledged LMA's responsibility to pay the 2% NSR royalty on the commencement of Commercial Production at the Mariana Lithium Project, and LMA has assumed the right to the repurchase...