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Troilus Enters Definitive Agreement to Buy Back 2.5% NSR From First Quantum and Announces C$10.5M Bought Deal Public Offering of Flow-Through Shares and C$10.0M Bought Deal Private Placement of Common Shares
Troilus Enters Definitive Agreement to Buy Back 2.5% NSR From First Quantum and Announces...
About this update from Troilus Mining Corp
[{"type":"text","content":"\n \n \n \n Troilus Enters Definitive Agreement to Buy Back 2.5% NSR From First Quantum and Announces C$10.5M Bought Deal Public Offering of Flow-Through Shares and C$10.0M Bought Deal Private Placement of Common Shares\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Nov. 9, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEM­­INATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n \n TORONTO\n \n ,\n \n Nov. 9, 2020\n \n /CNW/ - Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (\"Troilus\" or the \"Company\") announces that it has entered into a definitive agreement with First Quantum Minerals Ltd. (\"FQML\") pursuant to which it will buy back the sliding 2.5% Net Smelter Royalty (the \"NSR\") attached to the 81 mineral claims and one surveyed mining lease known as the Troilus Mine, which were previously acquired from FQML (see press release dated\n \n April 12, 2018\n \n ), thereby cancelling the FQML NSR. In consideration for the repurchase and cancellation of the FQML NSR, Troilus will pay cash consideration of\n \n C$20M\n \n to FQML from cash on hand. The transaction is expected to close within the next 24 hours.\n \n \n Troilus also announces that it has entered into an agreement with Cormark Securities Inc., on behalf of a syndicate of underwriters (collectively, the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase, on a bought deal public offering basis 5,470,000 common shares of the Company that qualify as \"flow-through shares\" for the purposes of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) and\n \n Taxation Act\n \n (\n \n Quebec\n \n ) (the \"Flow-Through Shares\"), at a price of\n \n C$1.92\n \n per Flow-Through Share (the \"Flow-Through Offering Price\") for gross proceeds of\n \n C$10,502,400\n \n .\n \n \n Pursuant to the agreement, the Underwriters have also agreed to purchase, on a bought deal private placement basi...