Globex Mining sells mineral royalties to Electric
Globex Mining Enterprises Inc. has sold a number of non-core specialty mineral royalties to a new energy centric royalty company, Electric Royalties Ltd. In exchange for the royalties or portions of royalties Globex will receive $500,000 and 3,000,000 Electric Royalties shares, representing 6.93% of Electric Royalties issued capital. Should the Authier Lithium deposit reach commercial production within 6 years of agreement, Globex will receive an additional $250,000 cash payment adjusted for inflation.
Globex is pleased to be reaping immediate benefit from these assets and expects to partake in the upside from both our retained portions of royalties on these assets and the growth of Electric Royalties.
Kerr Mines arranges $3.01-million bought deal
Kerr Mines Inc. has entered into an agreement with Haywood Securities Inc., under which the underwriter has agreed to buy, on a bought deal basis, 21.5 million units of the company, at a price of 14 cents per unit for gross proceeds of $3.01-million.
The Company has agreed to grant the Underwriter an option to purchase up to an additional 3,225,000 Units at the Offering Price, exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering. The Offering is expected to close on or about August 4, 2020, or such other date as may be agreed by the Underwriter and the Company (the “Closing Date”), and is subject to the Company receiving all necessary regulatory approvals. The Units will be offered by way of a short form prospectus in each of the provinces of Canada, excluding Quebec.
The Company plans to use the net proceeds from the Offering for the exploration and advancement of the Company’s Copperstone gold project and for general corporate purposes.
Black Iron shareholders elect five directors at AGM
In accordance with the policies of the Toronto Stock Exchange, the nominees listed in Black Iron Inc.’s management information circular dated June 15, 2020, were elected as directors of the company at the annual meeting of shareholders of the company held on July 13, 2020.
Shareholders at the Meeting also approved the appointment of the Company’s auditors. A total of 24,170,252 common shares were voted in connection at the Meeting, representing approximately 10.20% of the issued and outstanding common shares of the Company.
Canada Nickel identifies targets on option properties
After reviewing historical drilling and geological information, Canada Nickel Company Inc. has identified multiple nickel targets with large-scale potential on option properties that were acquired in May, 2020.
“This initial review highlights the nickel-cobalt sulphide potential of the overall land package we have assembled in addition to our Crawford project: seven different structures ranging in size from 2.2 kilometres long by 375-600 metres wide (Kingsmill), and 8 kilometres long by 200-500 metres wide (Mahaffy-Aubin), and each structure yielding historical drill intersections indicating that the geophysical targets identified are nickel bearing,” said Mark Selby, Chair and CEO of Canada Nickel. “We have already defined a large resource, yet we believe we are just scratching the surface of the nickel-cobalt sulphide potential of the property. Even with our upcoming resource update, we still have more than half of Crawford left to explore in addition to all of these new properties, which we will evaluate further once we complete the geological work necessary to deliver our Preliminary Economic Analysis (PEA) by year-end.”
The Crawford Nickel-Cobalt Sulphide Project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity.
Mountain Province arranges waiver for credit facility
Further to previously disclosed challenges in the diamond markets, Mountain Province Diamonds Inc. has entered into a waiver agreement related to the senior secured revolving credit facility agreement dated as of Dec. 11, 2017, among the company as parent guarantor, 2435572 Ontario Inc., a wholly owned subsidiary of the company, as borrower, 2435386 Ontario Inc., a wholly owned subsidiary of the company, as guarantor, Bank of Nova Scotia as administrative agent and lender, and Nedbank Ltd., London branch, as lender.
The Waiver exempts the Company from compliance with financial covenants including the total leverage ratio, total net worth tests that it would otherwise have had to satisfy as of June 30, 2020. The Waiver also removes the Borrower’s covenant to maintain a minimum cash balance. In exchange, the Company has agreed to a reduction in the size of the revolving credit facility to US$25 million from US$50 million and the imposition of additional covenants. These covenants include weekly reporting, a covenant with respect to the sale of diamonds and limitations on the payment of bonuses and incentive payments, the incurring of indebtedness, the dispositions of assets and the incurring of liens. Moreover, the obligors under the Credit Agreement are required to maintain certain performance metrics with respect to net cash flows and expenditures. In addition, the Borrower is required to demonstrate progress by August 31, 2020 to be able to enter into a binding financing commitment by September 30, 2020 in order to repay the revolving credit facility. The Waiver contains customary representations and warranties and events of default.
The Company also continues its negotiations with its major shareholder and other financial institutions to secure additional debt facilities in order to repay the current lenders and meet short term obligations and will update the market accordingly.
Generation Mining to trade on TSX July 15
The Toronto Stock Exchange reports that Generation Mining Ltd. will be listed and posted for trading at the open on July 15, 2020. According to the TSX, there will be 130,505,937 common shares of the company issued and outstanding, and 35,392,800 shares reserved for issuance. According to the TSX, the shares will trade under the symbol GENM, in Canadian dollars and under Cusip No. 37149B 10 9.
The TSX reports that Generation Mining is a mineral development company focusing on the Marathon palladium project in Northern Ontario. The company’s transfer agent and registrar is TSX Trust Company at its principal office in Toronto. According to the TSX, the company does not expect to pay dividends in the foreseeable future.
The TSX reports that Generation Mining has been listed on the Canadian Securities Exchange since May 9, 2018, under the symbol GENM. The company will be delisted from the CSE at the close on July 14, 2020.
Canada Silver files NI 43-101 report for Castle East
Canada Silver Cobalt Works Inc. has filed an independent technical report on SEDAR. The technical report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) supporting a Mineral Resource Estimate for the Castle East, Robinson Zone, Ontario, Canada with an effective date of May 28, 2020 and a signature date of July 13, 2020 (the “Technical Report”).
This Technical Report documents the first mineral resource estimate (press release of May 28, 2020 ) for the Robinson zone discovery.
The mineral resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines and is reported in accordance with Canadian Securities Administrators’ NI-43-101.
The Company also announces that it has completed its previously announced repurchase from Granada Gold Mine Inc. (“Granada Gold”) of a back-in option on five mining leases forming part of the Castle Silver Cobalt Mine property in Ontario.
In payment, the Company issued 2,941,000 common shares to Granada Gold at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant will entitle Granada Gold to acquire one additional common share of Canada Silver Cobalt for $0.55 for a period of five years. All securities issued in connection with the re-purchase are subject to a four-month and a day hold period expiring on November 11, 2020, in accordance with applicable Securities Laws.
Brixton Metals Drills 13.9m of 435 g/t Ag, 0.96 g/t Au in Hole #1 and 7.7m of 492 g/t Ag, 2.1 g/t Au in Hole #3 at its Hog Heaven Project
VANCOUVER, British Columbia, July 14, 2020 (GLOBE NEWSWIRE) — Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) announces its second set of results from its maiden drill program at its wholly owned Hog Heaven Project, which returned multiple significant intervals of high-grade silver and gold mineralization. A total of seven holes representing 1,400.35m were drilled of HQ sized core.
Chairman and CEO of Brixton, Gary R. Thompson stated, “We are excited to see more high grades within broader mineralized intervals at the Hog Heaven Project. We are looking forward to the balance of the maiden drill results as we plan for the Phase II exploration program at the Hog Heaven Project, where we hope to follow-up these results and test the new targets identified by our 2020 soil sampling program.”
The purpose of this drilling program was to validate historical results from the 1970’s and 1980’s at the Main Mine area. Massive sulphide mineralization was encountered in all of the holes drilled.