Maverix Metals Announces Closing of Transaction with Karora Resources

VANCOUVER, BC , Sept. 3, 2020 /PRNewswire/ – Maverix Metals Inc. (the “Company” or “Maverix”) (NYSE American: MMX) (TSX: MMX) is pleased to announce the closing of the previously announced transaction with Karora Resources Inc. (“Karora”) to reduce the gold royalty on the Beta Hunt mine from 7.5% to 4.75% effective July 1, 2020 (the “Transaction”). The Transaction will allow both Maverix and Karora shareholders to benefit from a renewed focus on exploration, development and potential future production growth at the Beta Hunt mine. As consideration for the Transaction, Maverix will receive total consideration of US$18 million in cash, with US$15.5 million received on closing and an additional US$2.5 million to be paid in January 2021. The Company plans to use the proceeds to reduce the amount drawn under its revolving credit facility.

Comments are closed.

Free newsletter for stock pics, interview transcripts & investing ideas