Soma Gold Corp. sells silver royalty over Antioquia mines
1 report, 1 independent
Updated Mon 13:06
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What happened
Soma Gold Corp. entered a definitive royalty agreement with Silver Crown Royalties Inc. to acquire a silver royalty over the Cordero mine and the past-producing La Ye and Los Mangos mines. These mines are associated with concessions in Antioquia, Colombia. Under the terms, Soma Gold Corp. will receive aggregate cash proceeds of US$10 million for granting the royalty.
From mining.com
Why it matters
The transaction provides Soma Gold Corp. with non-dilutive capital through the sale of a royalty interest. The first tranche of US$3 million is expected on closing, with the remaining US$7 million payable after the company discharges its existing financing security over the project.
A company conducts an exploration program in Antioquia.
From mining.com
Who's involved
- companySoma Gold Corp., which is selling the silver royalty interest in its mines.