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TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project - McEwen Copper Announces $10 Million Additional Investment by Nuton, a Rio Tinto Venture
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2023) - TNR Gold Corp. (TSXV: TNR) ...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project - McEwen Copper Announces $10 Million Additional Investment by Nuton, a Rio Tinto VentureVancouver, British Columbia--(Newsfile Corp. - October 18, 2023) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that McEwen Mining Inc. (\"McEwen Mining\") has provided a significant financing update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty (\"NSR Royalty\") (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules project is held by McEwen Copper Inc. (\"McEwen Copper\"), a subsidiary of McEwen Mining.The news release issued on October 11, 2023, by McEwen Mining stated:\"McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE,TSX), is pleased to announce a binding agreement for an additional $10.0 million investment by Nuton LLC, a Rio Tinto Venture, and existing McEwen Copper shareholder.Nuton has agreed to invest US$10.0 million to acquire shares of McEwen Copper in a two-part transaction expected to close by October 19, 2023 (the \"Nuton Transaction\") consisting of a private placement of 152,615 McEwen Copper common shares, and the purchase of 232,000 common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase are expected to be approximately $4.0 million to McEwen Copper and $6.0 million to McEwen Mining, respectively. The proceeds of the private placement will be used to advance the development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes.After closing, Nuton will own 14.5% of McEwen Copper on a fully diluted basis, and McEwen Mining will own 47.7%. The transaction values McEwen Copper at approximately US$800 million.In connection with the transaction, McEwen Copper and certain of its affiliates agreed to amend the Nuton Collaboration Agreement to extend the period of exclusivity over novel, trade secret or patented copper heap leach technologies until February 1, 2025.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be un...