Sandstorm gets share of Mutiny register
PERTH (miningweekly.com) - ASX-listed Mutiny Gold has welcomed Canada’s Sandstorm Gold to its share register, as part of a $43-million metals purchase agreement.
Some 22-million shares would be issued to Sandstorm in respect of a $2-million convertible loan provided in November of last year.
Mutiny MD John Greeve said on Wednesday that the issue of Mutiny shares recognised a critical milestone in the development of the company’s high-value Deflector gold/copper project, in Western Australia.
“At a time when global financial markets were facing historically difficult times and project funding had almost dried up for small miners, to have put together this deal with Sandstorm Gold was a major success story for Mutiny Gold and its supporters,” said Greeve.
The $43-million metals-purchase agreement with Sandstorm would fund a significant portion of the Deflector capital costs, which Greeve said would allow Mutiny to cement in place a number of key financial aspects for the project’s development, and to provide additional certainty to the company’s bankers.
Under the terms of the agreement, Sandstorm had agreed to purchase 15% of the gold produced from the Deflector project. The firm would make an initial up-front cash payment of $9-million, and would make a future cash remittance of $29-million once Mutiny has received final mine permits for Deflector, as well as completed certain funding conditions.
In addition, Sandstorm would make ongoing per-ounce payments equal to the lesser of $500/oz and the prevailing market price of gold.
If Deflector produces more than 85 000 oz in a given year, Sandstorm would make a one-time $4-million payment to Mutiny.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
