"SOLD" TYE-V announced Dec 10, '13 that, further to the press release dated November 19, 2013, it has completed the sale of its 100% interest in the Key Property in British Columbia to New Gold (NGD-T)
Pursuant to the Transaction, Troymet sold its 100% interest in the Key Property, along with associated technical information and permits, for a purchase price of $2,000,000 cash. Troymet was also granted a 2% net smelter returns royalty on the Key Property, of which 1% (reducing the NSR Royalty from 2% to 1%) can be purchased by New Gold for $2,000,000 cash. In addition, in connection with the Transaction, New Gold has committed to spend $1,500,000 on the Key Property, with a minimum of $500,000 of expenditures on or before December 31, 2014 and the balance of $1,000,000 of expenditures on or before December 31, 2018, subject to certain conditions.
Dr. Kieran Downes, President of Troymet, commented, "We are very pleased to have completed the sale of the Key Property to New Gold. The sale puts Troymet in a strong financial position to advance its current portfolio of properties and to pursue other high impact mineral projects while ensuring the continued exploration of the Key Property by the dominant player in the emerging Blackwater gold district." |
