- York Harbour Metals Inc. (YORK) has successfully completed the buydown of net smelter royalty (NSR) for its York Harbour Copper-Zinc Project
- The company completed buydown of the NSR in line with its agreement with Grassroots Prospecting & Prospect Generation Inc., United Gold Inc., and G2B Gold Inc
- The buydown involved reducing the existing two per cent NSR for its York Harbour Copper-Zinc Project down to a 0.5 per cent NSR by purchasing the 1.5 per cent NSR
- York Harbour Metals issued 1,500,000 common shares at a deemed price of $1.00 per common share, representing total compensation of $1,500,000 settled by the issuance 500,000 compensation shares to each vendor
- York Harbour Metals Inc. (formerly Phoenix Gold Resources) is an exploration and development company
- York Harbour Metals Inc. is down 2.062 per cent, trading at $0.95 at 9:44 AM ET
York Harbour Metals (YORK) has completed the buydown of the net smelter royalty (NSR) for its York Harbour Copper-Zinc Project.
Following approval by TSX Venture Exchange, the company successfully closed the buydown of the NSR in line with its agreement with Grassroots Prospecting & Prospect Generation Inc., United Gold Inc., and G2B Gold Inc.
The buydown involved reducing the existing two per cent NSR for its York Harbour Copper-Zinc Project down to a 0.5 per cent NSR by purchasing the 1.5 per cent NSR.
By the terms of the agreement, York Harbour Metals has issued an aggregate of 1,500,000 common shares at a deemed price of $1.00 per common share, representing total compensation of $1,500,000 settled by the issuance of 500,000 compensation shares to each vendor.
All 1,500,000 compensation shares issued by the company are subject to an escrow agreement under which 25 per cent of the compensation shares will be released every 6 months over a 24-month period.
“With the successful acquisition of the 1.5 per cent NSR, the company will continue to explore the potential of the York Harbour Copper-Zinc Project and expand areas of mineralization with the advantage of a significantly reduced and minor royalty should the project become a producing mine,’ stated Andrew Lee, Chief Executive Officer.
“As a result, we believe the company has significantly increased value for its shareholders,” he added.
York Harbour Metals Inc. (formerly Phoenix Gold Resources) is an exploration and development company focused on the 100-per-cent-owned York Harbour Copper-Zinc-Silver Project, a mineral property located approximately 27 km from Corner Brook, Newfoundland.
York Harbour Metals Inc. is down 2.062 per cent, trading at $0.95 at 9:44 AM ET.
