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| Home : Sandspring Receives First 2015 Installment Under Its Streaming Agreement With Silver Wheaton |
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Apr 30
2015 |
Sandspring Receives First 2015 Installment Under Its Streaming Agreement With Silver Wheaton |
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DENVER, COLORADO--(Marketwired - April 29, 2015) - Sandspring Resources Ltd. ("Sandspring" or the "Company") (TSX VENTURE:SSP) is pleased to announce that it has received the first 2015 installment of US$500,000.00 (the "First 2015 Installment") from Silver Wheaton (Caymans) Ltd., a wholly owned subsidiary of Silver Wheaton Corp. ("Silver Wheaton") pursuant to the terms of the precious metals purchase agreement to include a silver stream that was announced on April 23, 2015. Under the agreement, Silver Wheaton agrees to pay Sandspring incremental up-front cash payments totaling of US$5 million for 50% of the payable silver production from the Company's Toroparu Mine in Guyana S.A. (the "Toroparu Project"). Sandspring is entitled to receive US$2.0 million of the incremental US$5.0 million cash payment in four equal installments over the course of 2015, subject to the satisfaction of certain conditions. In addition, Silver Wheaton will make ongoing payments to Sandspring of the lesser of the market price and $3.90 per payable ounce of silver delivered to Silver Wheaton over the life of the Toroparu Project, subject to a 1% annual increase starting on the fourth anniversary of production. The proceeds from the First 2015 Installment will be used primarily for the advancement of the Company's operations of its Toroparu Project. |
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| Source:http://www.marketwired.com/mw/release.do?id=2014820&sourceType=3 |
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