Scottie Resources Agrees C$8.1 Million Financing From Franco-Nevada
By Robb M. Stewart
Scottie Resources has agreed to sell a production royalty to Franco-Nevada as part of a financing arrangement with the larger mining company.
Scottie, which owns mineral claims British Columbia's resource-rich Golden Triangle area,
said Tuesday it will sell a 2% gross production royalty for 8.1 million Canadian dollars ($6 million), which will apply to all minerals produced on claims in the Stewart Mining Camp.
Franco-Nevada also agreed to buy shares of Scottie, covering the entire back end of a total C$1.5 million private placement at a price to flow-through subscribers of C$0.275 a share.
The company said that alongside the funding from Franco-Nevada and proceeds of around C$3.6 million raised at its January private placement it was in a strong financial position for future operations.
"This transaction validates the progress we've made and recognizes the value opportunity present at Scottie," Chief Executive Brad Rourke said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
April 02, 2024 08:07 ET (12:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?