|
| Home : Magellan Announces $8 Million Financing With Sandstorm Gold |
|
May 11
2012 |
Magellan Announces $8 Million Financing With Sandstorm Gold |
|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2012) - Magellan Minerals Ltd. (TSX VENTURE:MNM)(OTCQX:MAGNF) ("Magellan") is pleased to announce an agreement whereby Magellan will grant Sandstorm Gold Ltd. ("Sandstorm") a 2.5% net smelter returns royalty ("NSR") on the Coringa gold project ("Coringa") and a 1.0% NSR on the Cuiu Cuiu gold project ("Cuiu Cuiu") both of which are located in Para state, Brazil. As consideration, Sandstorm will provide an upfront cash payment of US$7.5 million and will subscribe for one million shares of Magellan at a price of $0.50 per share. The share subscription is subject to approval from the TSX Venture Exchange. |
|
|
|
| Source:http://www.marketwire.com/mw/release.do?id=1656201&sourceType=3 |
| |
|
Related News
|
» Mint Announces Series V Debenture Closing
» 1-800-Get-Thin Under Fire After Surgery Deaths
|
|
|
