Nova Royalty Corporation (TSXV: NOVR) (OTCQB: NOVRF) has announced completion of its acquisition of a 0.135% net smelter return royalty, on Hudbay Minerals’ Copper World and Rosemont copper projects in Arizona. The deal also gives Nova right of first refusal in respect to an additional 0.540% net smelter return royalty on the projects.
The aggregate purchase price for the transaction included upfront consideration of US$1.0M in cash and US$0.5M in common shares of Nova Royalty, of which the company issued 214,610 consideration shares at C$2.950940 per share.
Nova Royalty also announced the completion of its previously announced drawdown of an additional C$1.5M under its existing amended and restated convertible loan facility with Beedie Capital. The drawdown will increase the total amount drawn under the Beedie Capital facility to C$6.5M, with an additional C$18.5M remaining available to the company.
A portion of the drawdown amount was used to fund the closing cash payment and the balance will be used for general and administrative purposes.
About Nova Royalty
Nova is a royalty company focused on providing investors with exposure to the key energy transition raw materials, including copper and nickel. The company is headquartered in Vancouver, British Columbia.
For further information please visit: https://www.novaroyalty.com/