Business
TNR Gold Corp. Amends Engagement with PI Financial Corp. as Financial Advisor for Sale of TNR's NSR on the Los Azules Copper Project, Argentina
(via Thenewswire.ca) Vancouver, B.C. / TNW- ACCESSWIRE / October 23, 2014 / TNR Gold C...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Corp. Amends Engagement with PI Financial Corp. as Financial Advisor for Sale of TNR's NSR on the Los Azules Copper Project, Argentina(via Thenewswire.ca)\n\n \nVancouver, B.C. / TNW- ACCESSWIRE / October 23, 2014 / TNR Gold Corp. (the \"Company\" or \"TNR) (TSX VENTURE:TNR.V) announces that it has amended its advisory agreement (the \"Advisory\") with PI Financial Corp. (\"PI Financial\"), previously announced on May 8, 2013. As disclosed in the Company's News Release dated October 17, 2014, the Company now holds a 0.4% net smelter royalty (\"NSR\") on the entire Los Azules Copper Project (the \"Project\"), owned 100% by McEwen Mining Inc. (\"McEwen\"). The Advisory has been extended for one year and amended to address the sale or disposition of all or part of the Company's interest in the NSR.\n\n \n \nPI Financial was the exclusive advisor to TNR throughout negotiations with McEwen. The Transfer Agreement between the Company and McEwen converted all of rights and interests (the \"E&O Agreement Rights\") under a Cordon de Los Azules Exploration and Option Agreement, dated effective as of May 15, 2004, as amended April 26, 2005 and November 8, 2012, including its 25% back-in right (the \"Back-In Right\") in the northern portion of the Project to a 0.4% NSR on the entire Project (see TNR News Release October 17, 2014).\n\n \n \nIn addition to the NSR, McEwen will also issue 850,000 common shares to TNR and pay TNR 1% of any purchase price paid to and received by McEwen in respect of any sale, assignment of transfer of all of its 100% interest in the Project, to a party other than to an affiliate of McEwen on or before the third anniversary of the Transfer Agreement.\n\n \n \nMr. Kirill Klip, Non-Executive Chairman of TNR states, \"I have commented regularly on the merits of the Los Azules project. It is a unique, long-life, copper mining opportunity in Argentina. The acquisitions that include the Las Bambas copper mining project in Peru and the Taca Taca copper deposit in Argentina confirm there is significant value to be realized for projects in this region. We have had a good working relationship with PI Financial. They understand our needs and have great familiarity with the Los Azules asset. I am confident that this expanded engagement will have a favourable result for our stakeholders. Both TNR and PI Financial...