Nova Royalty Corp (CVE:NOVR) has completed its acquisition of an existing 0.24% net smelter return (NSR) royalty on First Quantum Minerals Ltd’s (TSX:FM) Taca Taca copper-gold-moly project in Argentina, the copper and nickel-focused royalty group said, as it filed its third quarter results.
The cash and shares deal is worth around US$12.75 million, with Nova paying US$8.5 million in cash upfront along with two million shares, increasing its portfolio to 17 royalties.
READ: Nova Royalty completes previously announced royalty acquisition from a subsidiary of Boart Longyear
The company began trading on the TSX Venture Exchange on October 1 this year and it has also applied to list its stock on the OTCQB Venture Market (OTCQB).
The three month period to September 30 2020, also saw the group secure a convertible loan facility of up to C$13million with Beedie Capital to fund new royalties and stream acquisitions.
It also acquired a 2.4% NSR royalty on a portion of the Twin Metals Minnesota's copper-nickel-platinum group metals project owned by Antofagasta PLC from a subsidiary of Boart Longyear Ltd.
Nova as well bought a portfolio of nine royalties from Transition Metals Corp (TMC), including Rio Tinto's Janice Lake project in Saskatchewan, Canada for a total consideration of C$1,072,500 in cash and 525,000 company shares.
Contact the author at giles@proactiveinvestors.com
