Nova Royalty Corp. (TSX-V: NOVR) (OTCQB: NOVRF) is pleased to announce that, further to its news release dated February 10, 2021, it has completed its previously announced acquisition from RCF VI CAD LLC, an affiliate of Resource Capital Funds VI L.P. of an existing net smelter return royalty of 0.98% on open pit operations and 0.49% on underground operations on the San José 1/3000 exploitation concession that forms part of the Vizcachitas Project in Chile, which is 100% owned by Los Andes Copper Ltd. (TSX-V:LA) .
Transaction terms included US$6.5 million in cash, which was paid on closing and up to US$9.5 million in common shares of Nova as disclosed in the news release dated February 10, 2021.
Nova holds an existing 2.0% NSR on future copper production on the Cantarito claim of the La Fortuna deposit. The La Fortuna Deposit is one of the two deposits comprising the NuevaUnion project in the Huasco Province in the Atacama Region of Chile being advanced by Teck Resources Limited (NYSE: TECK) and Newmont Corporation (NYSE: NEM). The acquisition was completed as a joint venture with Metalla Royalty & Streaming Ltd. (NYSE American: MTA) with the two companies having formed a special purpose vehicle to hold the Cantarito royalty. Nova paid US$2.25 million in cash on closing on February 18, 2020 and has paid US$0.75 million in cash that was due 12 months after closing. There will also be a US$3 million payment due from Nova at commercial production from the Royalty, to be paid equally in cash and common shares.
Nova is a royalty company focused on providing investors with exposure to the key building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSXV.
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