Business
Transition Closes Sale of Royalty Interests to Nova Royalties
Sudbury, Ontario--(Newsfile Corp. - October 5, 2020) - Transition Metals Corp (TSXV: XTM) ("Tr...
About this update from Transition Metals Corp.
[{"type":"text","content":"Transition Closes Sale of Royalty Interests to Nova RoyaltiesSudbury, Ontario--(Newsfile Corp. - October 5, 2020) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") reports that the Company has closed its transaction with Nova Royalties Corp. (\"Nova\") as disclosed in the news release dated September 8, 2020. On closing the Company received a total of $1,072,500 in cash and 525,000 shares of Nova. Transition President and CEO Scott McLean, P.Geo. commented, \"I would like to thank our team and Nova, CP Consulting and Osler, Hoskin & Harcourt LLP for their role in facilitating this transaction. This agreement has allowed us to leverage a portion of the long term value that we have created and some of the proceeds will be used to accelerate our activities in the near term. With the market for precious and energy metals such as copper and nickel improving, we believe that our shareholders will realize more value from our investments to date and through increased deal flow and activity by our partners as well as from our own internal efforts to advance projects and new opportunities.\" The Company holds interest in over 20 projects and 6 production royalties (net smelter return royalties) in Canada and now has a strong cash position and holds significant investments in 5 companies as summarized in the following table:Table 1To view an enhanced version of Table 1, please visit:https://orders.newsfilecorp.com/files/2766/65175_tansition1enhanced.jpgTransition CFO Chris Chadder, CA, commented, \"Given the recent market improvement in mining stocks, the value of Transition's investment holdings have become an important asset for the Company. We believe we have a strong asset base upon which to further grow the Company rapidly.\"About Transition Metals CorpTransition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into discoveries. The award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve ca...