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Tertiary Minerals (TYM) notes Aurion Resources Private Placement Financing with Kinross Gold Corporation
On March 21st 2017, Tertiary Minerals (TYM.L) announced the sale of its non-core gold assets in Finland, Kaaresselkä and Kiekerömaa to Aurion Resources (TSX VENTURE: AU). Tertiary Minerals notes the Aurion Resources announcement from September 7th 2017 outlined below.
On September 7th 2017, Aurion Resources Ltd announced that it had negotiated a non-brokered private placement of common shares with Kinross Gold Corporation at a price of $2.32 per Common Share. On closing, Kinross will own 9.98% of the then issued shares of Aurion. Based on the currently issued and outstanding share capital of Aurion, the private placement will result in the issuance of 6,853,500 shares, for gross proceeds to the Company of $15,900,120.
The net proceeds from the Private Placement will be used by the Company for exploration and development of its properties in Finland, and for working capital and general corporate purposes.
The Private Placement is expected to close on or about September 13, 2017, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance by the TSX Venture Exchange.
All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date.
Mike Basha the President and CEO of Aurion stated: “We are delighted to welcome Kinross as one of our major shareholders. This significant investment by Kinross validates Aurion’s exploration model in the Central Lapland Greenstone Belt, and provides the necessary capital to rapidly advance our comprehensive exploration plans of which the primary focus is the Aamurusko prospect. We also look forward to having access to Kinross’s technical expertise via the formation of a joint technical committee as Aurion’s programs move forward.”
Tertiary sold its non-core gold assets in Finland, Kaaresselkä and Kiekerömaa, earlier in this year to Aurion Resources. As part of the sale Tertiary owns 83,072 shares in Aurion and retain a royalty interest in the projects as follows:
- Pre-production royalty of US$1.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Inferred Mineral Resource Estimate on either project
- Pre-production royalty of US$2.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Indicated Mineral Resource Estimate on either project
- Pre-production royalty of US$3.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Measured Mineral Resource Estimate on either project
- Net smelter returns royalty (NSR) of 2% on all future gold production from either property
- Aurion can purchase 50% of the NSR from Tertiary for USD$1,000,000 at any time prior to commencement of commercial production on either project
Tertiary Minerals (TYM) successfully completes sale of Gold assets
Further to the RNS dated 05 December 2016, Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce the successful completion of the sale of its non-core gold assets, Kaaresselkä and Kiekerömaa, in Finland to TSX-V listed Aurion Resources Ltd.
Highlights:
- The transfer of the Exploration Licences from Tertiary to Aurion have been successfully completed by the mining division of the Finnish Safety and Chemical Agency (Tukes) and exchange approval has been granted by the TSX-V
- £100,000 initial consideration has been paid by Aurion: £15,000 in cash and £85,000 in Aurion shares (being 83,072 shares)
- Tertiary retain pre-production and production royalty interests in the Kaaresselkä and Kiekerömaa projects
- Aurion, www.aurionresources.com, is a Canadian listed (TSX-V: AU) precious metals exploration company primarily focusing on the development of its Finnish gold projects, several of which are under a joint venture with B2Gold, a main board listed (TSX:BTO,NYSE MKT:BTG) gold producer and developer,www.b2gold.com
- Aurion has recently announced the discovery of a new bonanza gold zone, called Aurora at its 100% owned Risti project. The Kaaresselkä project is located in the same regional deformation zone to the south of Risti: – 133 rock grab samples collected from predominantly large and angular sub-cropping quartz-tourmaline blocks assayed from nil to 1563.5 g/t Au, including 36 samples which assayed greater than 31 g/t Au (1 ounce per tonne). The average grade of all 133 samples is 74.3 g/t Au.
- Further information can be viewed at:
www.aurionresources.com/news/2017/aurion-discovers-new-bonanza-gold-zone-at-risti
Commenting today, Managing Director, Richard Clemmey said: “We are delighted that the completion of the sale has gone smoothly and given Aurion’s exciting new discovery and strategic partnership with B2Gold in Finland, we are looking forward to potentially capitalising in the future through our retained shareholding in Aurion and royalty interest in Kaaresselkä and Kiekerömaa”.
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Enquiries Tertiary Minerals plc Richard Clemmey, Managing Director Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker Ewan Leggat/Lindsay Mair |
+44 (0) 20 3470 0470 |
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Beaufort Securities Ltd Joint Broker Elliot Hance |
+44 (0)20 7382 8300 |
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Brand Communications Alan Green |
+44 (0)7976 431608 |
Retained Royalty Interest Details
Tertiary will retain royalty interest in the Kaaresselkä and Kiekerömaa projects as follows:
- Pre-production royalty of US$1.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Inferred Mineral Resource Estimate on either project;
- Pre-production royalty of US$2.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Indicated Mineral Resource Estimate on either project
- Pre-production royalty of US$3.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Measured Mineral Resource Estimate on either project
- Net smelter returns royalty (NSR) of 2% on all future gold production from either property
- Aurion can purchase 50% of the NSR from Tertiary for USD$1,000,000 at any time prior to commencement of commercial production on either project
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).
CAUTIONARY NOTICE
The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.