PERTH (miningweekly.com) – Junior Sipa Resources has raised A$2.25-million from the sale of its royalty portfolio to royalties company SilverStream.
The company in March this year inked a binding preliminary purchase agreement with SilverStream over the royalties that exist over several projects previously identified and discovered by Sipa.
With the transaction completed, Sipa has now received A$1-million in cash and A$1.25-million in fully paid SilverStream shares. On the successful listing of SilverStream on the TSX-V, the shares will become freely tradeable.
Sipa on Monday said that the company would now start preparatory work for the field season at its Paterson North project, and would initiate field work at its emerging Western Australian projects.