- York Harbour Metals Inc. (YORK) has signed an agreement to reduce a net smelter royalty
- The company will buy back 1.50 per cent of the royalty on its York Harbour Copper-Zinc Project
- The transaction is for $1.5 million settled by issuing 1.5 million common shares
- The company has also exercised an option and now owns 100 per cent of the property
- Exploration will expand the project along known areas of mineralization
- York Harbour Metals Inc. (YORK) is down 7.00 per cent trading at $0.93 per share as of 2:21 p.m. ET
York Harbour Metals (YORK) has reduced the outstanding net smelter royalty (NSR) on its York Harbour Copper-Zinc Project.
York Harbour will issue 1.5 million York Harbour common shares to the vendors. The compensation shares will be released over a two-year period.
The vendors will retain 0.50 per cent NSR over the York Harbour Copper-Zinc Project.
York Harbour announced it has acquired a 100 per cent interest in the York Harbour Copper-Zinc Project, subject to the now reduced 0.50 per cent NSR.
Bruce Durham, Executive Chairman of York Harbour, commented,
“The company continues to advance the understanding of the potential of the property to host many areas of copper-zinc mineralization and the reduction of the royalty gives us additional flexibility and optionality… By significantly reducing the NSR on the project, the company has put itself in the enviable position of having a project with only a minor royalty payable should the York Harbour project eventually become a producing mine.”
York Harbour is an exploration company focused on its mineral properties in Newfoundland.
York Harbour Metals Inc. (YORK) is down 7.00 per cent trading at $0.93 per share as of 2:21 p.m. ET.